- Germany’s manufacturing PMI improved to 44.1 in January, compared to the 42 estimate.
- The German economy’s services PMI rose to 52.5 in January, compared to the anticipated 51.
- EUR/USD receives fresh bids to approach 1.0500 following upbeat German PMIs.
Activity in Germany’s manufacturing and service sectors improved in January, the preliminary business activity report released by the HCOB survey showed on Friday.
He HCOB manufacturing PMI in the Eurozone’s main economy unexpectedly rose to 44.1 this month, compared to 42.5 in December, beating the expected figure of 42. This is its best reading in eight months.
The services PMI, for its part, increased to 52.5 points from 51.2 the previous month, improving the 51 estimates. This is its best figure in six months.
Euro reaction
The Euro has risen more than 35 pips against the Dollar following the release, lifting EUR/USD to its highest price in five weeks at 1.0493. At the time of writing, the pair is trading above 1.0487, gaining 0.67% on the day.
economic indicator
S&P Global Manufacturing PMI
He Manufacturing Purchasing Managers’ Index (PMI) captures business conditions in the manufacturing sector. As the manufacturing sector dominates a large portion of the total GDP, the PMI is an important indicator of business conditions and economic conditions in Germany. A reading above 50 points indicates expansion in economic activity, while a reading below 50 points implies a decrease in activity. A result higher than expected is bullish for the euro, while a result lower than the consensus is bearish.
Read more.
Last post: Fri Jan 24, 2025 08:30 (Prel)
Frequency: Monthly
Current: 44.1
Dear: 42
Previous: 42.5
Fountain: S&P Global
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.
