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Germany's preliminary manufacturing PMI jumps to 45.4 in May vs. 43.1 expected

He pace of contraction of the German manufacturing sector slowed in Maywhile the services sector performed better, the preliminary business activity report released by the HCOB survey showed on Thursday.

He HCOB Manufacturing PMI of the Eurozone's economic power stood at 45.4 this month, improving on April's 42.5 and well above the expected 43.1. The index hit its highest level in four months.

For his part, the Services PMI rose from 53.2 in April to 53.9 in May, above the market consensus of 53.5 in the same period. The measure hit an 11-month high.

The preliminary German HCOB composite production index stood at 52.2 points in May, compared to the expected 51.0 and the 50.6 recorded in April. The indicator reached its annual maximum.

Repercussions on the currency market

He EUR/USD pair has bounced off intraday lows following good German data and is currently up 0.07% at 1.0830.


The following table shows the percentage variation of the Euro (EUR) against the main currencies quoted today. The Euro was the strongest currency against the US Dollar.

USD -0.05% -0.09% -0.09% -0.11% -0.04% -0.20% -0.13%
EUR 0.05% -0.04% -0.03% -0.06% 0.00% -0.17% -0.08%
GBP 0.09% 0.04% 0.02% -0.02% 0.05% -0.12% -0.04%
JPY 0.09% 0.03% -0.02% -0.02% 0.04% -0.18% -0.05%
CAD 0.11% 0.06% 0.02% 0.02% 0.07% -0.09% -0.03%
AUD 0.04% -0.01% -0.05% -0.04% -0.07% -0.16% -0.11%
NZD 0.20% 0.17% 0.12% 0.18% 0.09% 0.16% 0.07%
CHF 0.13% 0.08% 0.04% 0.05% 0.03% 0.11% -0.07%

The heat map shows the percentage changes of the major currencies against each other. The base currency is chosen in the left column, while the quote currency is chosen in the top row. For example, if you choose the Euro in the left column and scroll down 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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