The German manufacturing PMI rose 1.1 points in November, rising to 46.2 from 45.1 in October, although it did not reach the forecasts of 46.7 points.
In the German country, the manufacturing sector remains in contraction territory,
but cost and supply pressures are easing, S&P Global reports.
The PMI manufacturing in the euro zone increased by seven tenths, reaching 47.1 points against the previous 46.4, but disappointed the expectations of the market, which expected a rise to 47.3.
Commenting on the final Eurozone manufacturing PMI data, Chris Williamson, chief business economist at S&P Global Market Intelligence, said: “The PMI indicates some welcome moderation in the intensity of the eurozone manufacturing recession in November, which it will support hopes that the region does not face as severe a winter recession as many previously anticipated. However, the survey production index continues to operate at one of the lowest levels recorded in the last decade. At these levels, the survey is indicative of a sharp annualized rate of contraction of about 4%. While official manufacturing data has been more upbeat – and more volatile – in recent months, these weak PMI readings have always been followed by proportionally sharp declines in official statistics.
EUR/USD reaction
EUR/USD has retraced close to 20 pips after the data, sliding to the 1.0428 zone. At time of writing, the pair is trading above 1.0431, gaining 0.24% on the day.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
