GERMAN MFG PMI FLASH ACTUAL 39.1 (FORECAST 38.8, PREVIOUS 38.8)
GERMAN SERVICE PMI FLASH ACTUAL 47.3 (FORECAST 51.5, PREVIOUS 52.3)
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PMI for services in Germany at 47.3 points preliminary for August! A reading of 51.5 points was expected with the previous level of 52.3 points.
The PMI for industry fared slightly better at 39.1 points against expectations of 38.8 points and the same previous level.
Earlier in France, readings fell in a similar mixed trend, with the PMI for industry performing better at 46.4 with an expectation of 45 and the previous level of 45.1 points. Services, on the other hand, came in at 46.7 points with an expectation of 47.5 and with the previous level of 47.1 points.
EURUSD pair dropped heavily after the publication. Why such movements? It may be related to the fact that weak data may lead to a change in the attitude of the ECB, which could no longer raise interest rates.
EURUSD falls to the lowest levels since Aug 2022.
