German Preliminary Manufacturing PMI declines to 41.0 in June vs. 43.5 expected
|- German Manufacturing PMI arrives at 41.0 in June vs. 43.5 expected.
- Services PMI in Germany drops to 54.1 in June vs. 56.2 expected.
- EUR/USD extends losses below 1.0900 on awful German PMIs.
The German manufacturing sector contraction worsened in June while the services sector slowed its pace of expansion, the preliminary business activity report from the HCOB survey showed this Friday.
The Manufacturing PMI in Eurozone’s economic powerhouse came in at 41.0 this month, compared with 43.5 expected and 43.2 previous figure. The index hit a 37-month low.
Meanwhile, Services PMI dropped sharply from 57.2 in May to 54.1 in June as against the 56.2 reading expected. The PMI reached its lowest level in three months.
The HCOB Preliminary Germany Composite Output Index arrived at 50.8 in June vs. 53.5 expected and May’s 53.9. The gauge recorded a four-month low.
FX implications
EUR/USD is extending losses below 1.0900 on the downbeat German data. The pair is trading 0.81% lower at 1.0865, at the time of writing.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.