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Germany’s flash Manufacturing PMI unexpectedly rises faster to 54.1 vs. 52.0 estimates
German flash HCOB Composite PMI rises moderately to 51.0 in August as the services sector activity contracts again. The Composite PMI was expected to remain steady at 51.3.
The Services PMI arrives at 48.5, lower than 49.8 in July. The data was expected to return to the expansion trajectory at 50.1. A figure below 50.0 is considered a contraction in business activity.
Meanwhile, activities in the manufacturing sector remained robust. The Manufacturing PMI unexpectedly rose at a faster pace to 54.1 from the previous reading of 52.2. The manufacturing sector activity was expected to expand, but only moderately, to 52.0.
Market reaction
A mild positive response was seen in the Euro (EUR) after the German preliminary HCOB PMI data release. As of writing, EUR/USD trades 0.15% higher to near 1.1695.
