- Germany’s Manufacturing PMI jumps to 42.6 in October vs. 40.5 estimate.
- Services PMI for the German economy bounces to 51.4 in October vs. 50.5 forecast.
- EUR/USD holds small gains toward 1.0800 after upbeat German PMIs.
The German manufacturing sector witnessed a tepid recovery in October while the services sector activity also rebounded, the preliminary business activity report published by the HCOB survey showed Thursday.
The HCOB Manufacturing PMI in the Eurozone’s top economy rose to 42.6 this month, compared to September’s 40.6 while beating the estimates of 40.5. The measure jumped to a three-month top.
Meanwhile, Services PMI rebounded to 51.4 in October from 50.6 in September. The market expectations were for a 50.5 readout in the reported period. The gauge set a three-month high.
The HCOB Preliminary German Composite Output Index arrived at 48.4 in October vs. 47.5 in September. The index was at its strongest in two months.
FX implications
EUR/USD finds fresh demand on the encouraging German data, currently trading 0.13% lower on the day at 1.0795.
Euro PRICE Today
The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the strongest against the US Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.13% | -0.31% | -0.30% | -0.12% | -0.33% | -0.32% | -0.02% | |
| EUR | 0.13% | -0.21% | -0.18% | 0.00% | -0.22% | -0.21% | 0.08% | |
| GBP | 0.31% | 0.21% | 0.02% | 0.20% | -0.02% | -0.02% | 0.29% | |
| JPY | 0.30% | 0.18% | -0.02% | 0.20% | -0.03% | -0.05% | 0.29% | |
| CAD | 0.12% | -0.00% | -0.20% | -0.20% | -0.21% | -0.21% | 0.10% | |
| AUD | 0.33% | 0.22% | 0.02% | 0.03% | 0.21% | 0.02% | 0.32% | |
| NZD | 0.32% | 0.21% | 0.02% | 0.05% | 0.21% | -0.02% | 0.31% | |
| CHF | 0.02% | -0.08% | -0.29% | -0.29% | -0.10% | -0.32% | -0.31% |
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-unexpectedly-rises-to-426-in-october-vs-405-expected-202410240731