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Germany: Preliminary manufacturing PMI falls to 43.4 points in June compared to 46.4 expected

  • The German Manufacturing PMI fell to 43.4 in June, versus the estimate of 46.4.
  • The German economy’s services PMI fell to 53.5 in June, compared to the forecast of 54.4.
  • EUR/USD accelerates decline below 1.0700 following weak German PMIs.

The contraction of the German manufacturing sector unexpectedly deepened in June, while the services sector also lost its expansionary momentum, the preliminary business activity report published on Friday by the HCOB survey showed.

He German HCOB manufacturing PMI fell to 43.4 this month, deteriorating from 45.4 in May, well below the expected reading of 46.4. The index fell to the lowest level in two months.

Meanwhile, the services PMI fell to 53.5 in June from 54.2 in May, missing market expectations of 54.4 in the reporting period. The measure also hit a two-month low.

Germany’s HCOB Preliminary Composite Production Index stood at 50.6 in June versus 52.7 estimated and 52.4 reported in May. The indicator was at its weakest level in two months.

Implications on the foreign exchange market

He EUR/USD has been under renewed selling pressure due to disappointing German data, currently trading 0.22% lower on the day at 1.0675.

Euro PRICE Today

The table below shows the percentage change of the Euro (EUR) against the main currencies today. Euro was the weakest currency against the Swiss Franc.

USD 0.25% 0.11% -0.08% 0.02% 0.04% -0.03% -0.04%
EUR -0.25% -0.15% -0.29% -0.22% -0.19% -0.26% -0.33%
GBP -0.11% 0.15% -0.18% -0.09% -0.06% -0.14% -0.17%
JPY 0.08% 0.29% 0.18% 0.11% 0.13% 0.06% 0.05%
CAD -0.02% 0.22% 0.09% -0.11% 0.00% -0.06% -0.08%
AUD -0.04% 0.19% 0.06% -0.13% 0.00% -0.09% -0.10%
NZD 0.03% 0.26% 0.14% -0.06% 0.06% 0.09% -0.03%
CHF 0.04% 0.33% 0.17% -0.05% 0.08% 0.10% 0.03%

The heat map shows percentage changes for major currencies. The base currency is selected from the left column, while the quote currency is selected from the top row. For example, if you choose the Euro from the left column and move along the horizontal line to the US Dollar, the percentage change shown in the box will represent EUR (base)/USD (quote).

Source: Fx Street

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