- Germany’s Manufacturing PMI declined to 42.1 in August vs. 43.5 forecast.
- Services PMI for the German economy fell to 51.4 in August vs. 52.3 expected.
- EUR/USD remains pressured below 1.1150 after downbeat German PMIs.
The German manufacturing sector contraction deepened in August while the services sector activity worsened, the preliminary business activity report published by the HCOB survey showed Thursday.
The HCOB Manufacturing PMI in the Eurozone’s top economy came in at 42.1 this month, declining from July’s 43.2 while missing the forecast of 43.5 by a wide margin. The measure hit a five-month bottom.
Meanwhile, Services PMI fell from 52.5 in July to 51.4 in August, falling short of the market expectations of 52.3 in the reported period. The gauge also touched a five-month trough.
The HCOB Preliminary German Composite Output Index contracted to 48.5 in August vs. 49.2 anticipated and 49.1 booked in July. The index was at its lowest in five months.
FX implications
EUR/USD extends losses on the disappointing German data, currently trading 0.20% lower on the day at 1.1127.
Euro PRICE Today
The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the weakest against the Swiss Franc.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.16% | 0.00% | -0.06% | -0.12% | -0.01% | -0.05% | -0.16% | |
| EUR | -0.16% | -0.16% | -0.26% | -0.30% | -0.18% | -0.25% | -0.33% | |
| GBP | -0.01% | 0.16% | -0.11% | -0.13% | -0.02% | -0.08% | -0.16% | |
| JPY | 0.06% | 0.26% | 0.11% | -0.16% | 0.04% | -0.02% | -0.11% | |
| CAD | 0.12% | 0.30% | 0.13% | 0.16% | 0.12% | 0.07% | -0.04% | |
| AUD | 0.01% | 0.18% | 0.02% | -0.04% | -0.12% | -0.05% | -0.16% | |
| NZD | 0.05% | 0.25% | 0.08% | 0.02% | -0.07% | 0.05% | -0.10% | |
| CHF | 0.16% | 0.33% | 0.16% | 0.11% | 0.04% | 0.16% | 0.10% |
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 US Dollar, the percentage change displayed in the box will represent EUR (base)/USD (quote).
Source: https://www.fxstreet.com/news/german-preliminary-manufacturing-pmi-contracts-further-to-421-in-august-vs-435-expected-202408220731