- Germany’s Manufacturing PMI declined to 40.3 in September vs. 42.4 forecast.
- Services PMI for the German economy fell to 50.6 in September vs. 51.0 expected.
- EUR/USD attacks 1.1100 after downbeat German PMIs.
The German manufacturing sector downturn worsened in September while the services sector activity also took a hit, the preliminary business activity report published by the HCOB survey showed Monday.
The HCOB Manufacturing PMI in the Eurozone’s top economy dropped to 40.3 this month, as against August’s 42.4 while missing the estimates of 42.4. The measure hit a yearly low.
Meanwhile, Services PMI declined from 51.2 in August to 50.6 in September, below the market forecast for a 51.0 print in the reported period. The gauge touched a six-month trough.
The HCOB Preliminary German Composite Output Index came in at 47.2 in September vs. 48.2 expected and 48.4 in August. The index was at its weakest in seven months.
FX implications
EUR/USD falls further on the disappointing German data, currently trading 0.42% lower on the day at 1.1112.
Euro PRICE Today
The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the weakest against the Japanese Yen.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.48% | 0.40% | -0.13% | 0.13% | 0.00% | 0.03% | 0.12% | |
| EUR | -0.48% | -0.13% | -0.59% | -0.33% | -0.53% | -0.43% | -0.36% | |
| GBP | -0.40% | 0.13% | -0.40% | -0.20% | -0.41% | -0.30% | -0.23% | |
| JPY | 0.13% | 0.59% | 0.40% | 0.27% | 0.06% | 0.19% | 0.15% | |
| CAD | -0.13% | 0.33% | 0.20% | -0.27% | -0.08% | -0.10% | -0.03% | |
| AUD | 0.00% | 0.53% | 0.41% | -0.06% | 0.08% | 0.12% | 0.17% | |
| NZD | -0.03% | 0.43% | 0.30% | -0.19% | 0.10% | -0.12% | 0.07% | |
| CHF | -0.12% | 0.36% | 0.23% | -0.15% | 0.03% | -0.17% | -0.07% |
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-drops-to-403-in-september-vs-424-expected-202409230731