German Preliminary Manufacturing PMI improves to 48.8 in May vs. 48.9 expected
- Germany’s Manufacturing PMI edged higher to 48.8 in May vs. 48.9 anticipated.
- Services PMI for the German economy fell to 47.2 in May vs. 49.5 forecast.
- EUR/USD keeps the red near 1.1300 after mixed German PMIs.
The German manufacturing sector activity picked up and the services sector deepened its contraction in May, the preliminary business activity report published by the HCOB survey showed on Thursday.
The HCOB Manufacturing PMI in the Eurozone’s top economy improved to 48.8 this month, compared with April’s 48.4, missing the estimate of 48.9. The measure hit a 33-month high.
Meanwhile, Services PMI dropped to 47.2 in May from 49 in April. The market consensus was for a 49.5 print in the reported period. The gauge reached a 30-month low.
The HCOB Preliminary German Composite Output Index came in at 48.6 in May vs. 50.1 in April and 50.4 expected. The index was at its lowest level in five months.
FX implications
EUR/USD maintains the offered after the mixed German data, down 0.23% on the day at 1.1302 at the time of writing.