German Preliminary Manufacturing PMI jumps to 40.7 in October vs. 40.0 expected
|- Germany’s Manufacturing PMI rose to 40.7 in October vs. 40.0 anticipated.
- Services PMI for the German economy dropped to 48.0 in October vs. 50.0 expected.
- EUR/USD eases toward 1.0650 after mixed German PMIs.
Germany’s manufacturing sector is seeing an extended upturn in October while the services sector returns to contraction, the preliminary business activity report from the HCOB survey showed on Friday.
The HCOB Manufacturing PMI in the Eurozone’s economic powerhouse came in at 40.7 this month, as against the 40.0 forecast and September’s 39.6. The index touched its highest level in five months.
Meanwhile, Services PMI tumbled from 50.3 in September to 48.0 in October. The market expected a reading of 50.0 in the reported period. The measure reached a fresh two-month low.
The HCOB Preliminary German Composite Output Index arrived at 45.8 in October vs. 46.7 expected and 46.4 recorded in September. The gauge reached a two-month low.
FX implications
EUR/USD is seeing a fresh selling wave on mixed German data. The pair is trading 0.03% lower at 1.0665, at the time of writing.
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