German Preliminary Manufacturing PMI drops further to 41.6 in March vs. 43.1 expected
- Germany’s Manufacturing PMI dropped to 46.1 in March vs. 43.1 estimate.
- Services PMI for the German economy rose to 49.8 in March vs. 48.8 expected.
- EUR/USD falls below 1.0900 after mixed German PMIs.
Germany’s manufacturing sector experienced deeper contraction in March while the services sector performance improved, the preliminary business activity report published by the HCOB survey showed Thursday.
The HCOB Manufacturing PMI in the Eurozone’s economic powerhouse deteriorated to 41.6 this month, as against the 43.1 forecast and February’s 42.5. The index hit the lowest level in five months.
Meanwhile, Services PMI rose from 48.3 in February to 49.8 in March, missing the expected 48.8 figure in the reported period. The measure touched a fresh six-month high.
The HCOB Preliminary German Composite Output Index stood at 47.4 in March vs. 47.0 expected and 46.3 previous reading. The gauge rebounded to a three-month high.
FX implications
EUR/USD is losing ground below 1.0900 following mixed German data, currently trading 0.21% lower on the day at 1.0894.
Euro price today
The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the strongest against the Swiss Franc.
| USD | EUR | GBP | CAD | AUD | JPY | NZD | CHF | |
| USD | 0.39% | 0.28% | 0.17% | -0.15% | 0.45% | 0.10% | 1.18% | |
| EUR | -0.35% | -0.07% | -0.22% | -0.54% | 0.04% | -0.24% | 0.83% | |
| GBP | -0.24% | 0.11% | -0.11% | -0.43% | 0.15% | -0.17% | 0.94% | |
| CAD | -0.14% | 0.25% | 0.11% | -0.29% | 0.26% | -0.06% | 1.04% | |
| AUD | 0.19% | 0.58% | 0.44% | 0.32% | 0.57% | 0.26% | 1.37% | |
| JPY | -0.37% | -0.08% | -0.17% | -0.27% | -0.59% | -0.31% | 0.74% | |
| NZD | -0.05% | 0.34% | 0.15% | 0.07% | -0.25% | 0.35% | 1.13% | |
| CHF | -1.19% | -0.80% | -0.91% | -0.97% | -1.35% | -0.75% | -1.10% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent EUR (base)/JPY (quote).
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
