The index Germany Services PMI published by S&P Global has risen three points in September, rising to 50.3 from 47.3 in August, improving the 49.8 expected by market consensus.
According to the report, German service sector activity rises in September, but demand remains under pressure. Activity rises fractionally after a notable drop in August while work on backlogs supports production as the decline in new business becomes more evident.
Finally, there is a slower increase in production prices despite persistently strong cost pressures.
EUR/USD reaction
EUR/USD has risen nearly 10 pips following the data, rising to new highs for the day at 1.0485. At the time of writing, the pair is trading above 1.0483, gaining 0.16% daily.
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.
