The manufacturing PMI indicator for the euro zone has risen in October to 54.8 points from 53.7 in September, exceeding the 54.4 expected by the market. This is the highest figure reached by the data since July 2018.
The Germany PMI has risen to 58.2 from 56.4 the previous month, improving the 58 predicted by experts. This is the highest level obtained in 31 months, specifically since March 2018.
According to the Markit report, the sector continues to advance in Germany as new requests showed a record increase, with the strongest rise since the series began in 1996. On the contrary, production expectations weakened for the first time in seven months.
EUR / USD reaction
The EUR/USD has reacted to the release of PMI manufacturing data for the Eurozone, France and Germany with a slight rally of about 20 pips from the five-week lows reached a few minutes earlier at 1.1622. The pair has risen to 1.1642, but remains heavily pressured to the downside.
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Credits: Forex Street
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