German Preliminary Manufacturing PMI rises sharply to 42.3 in November vs. 41.2 expected
- Germany’s Manufacturing PMI rose to 42.3 in November vs. 41.2 forecast.
- Services PMI for the German economy improved to 48.7 in November vs. 48.5 expected.
- EUR/USD jumps toward 1.0950 after upbeat German PMIs.
Germany’s manufacturing sector’s upbeat momentum extended in November while the services sector downturn eased, the preliminary business activity report from the HCOB survey showed on Thursday.
The HCOB Manufacturing PMI in the Eurozone’s economic powerhouse jumped to 42.3 this month, as against the 41.2 forecast and October’s 40.8. The index hit the highest level in six months.
Meanwhile, Services PMI improved from 48.2 in October to 48.7 in November. The market expected a reading of 48.5 in the reported period. The measure reached a fresh two-month high.
The HCOB Preliminary German Composite Output Index arrived at 47.1 in November vs. 46.5 expected and 45.9 registered in October. The gauge reached a four-month high.
FX implications
EUR/USD came under fresh buying pressure on encouraging German data. The pair is trading 0.32% higher on the day at 1.0920, at the time of writing.