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BREAKING: DE30 jumps after German PMIs

8:38 AM 21 May 2020

Preliminary German PMIs for May were released at 8:30 am BST. Services index bounced from 16.2 to 31.4 pts (exp. 26 pts). Manufacturing index ticked higher from 34.5 to 36.8 pts (exp. 39.4 pts). While both indices improved, one needs to keep in mind that sub-50 reading indicates contraction in the sector! French PMIs released earlier both came in above expectations but also remained below 50 pts threshold. DE30 moved lower in a knee-jerk move but bulls regained control quickly.

DE30 is a painting a pin bar pattern following release of German PMIs. Source: xStation5

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