8:42 AM · 24 July 2023

BREAKING: EURUSD Slips After Disastrous German PMI!

The German July flash PMI data:

Manufacturing: Actual 38.8, Expected 41, Previously: 40.6
Services: Actual 52, Expected 53.1, Previously: 54,1

Manufacturing PMI for July was significantly lower than expected, coming in at a very low value of 38.8 versus the expected 41 indicating a significant contraction in the sector.

The services sector, although missing July estimates, is somewhat offsetting the downturn in manufacturing.
The German economy has entered contraction territory at the start of Q3 due to these factors, leading to a drop in the euro and regional bond yields.

EURUSD, M15 interval, source xStatio 5

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