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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