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Manufacturing PMI data from Germany and the Eurozone decline in June but expectations improve

He Germany’s HCOB manufacturing PMI has fallen almost two points in June, sliding to 43.5 from 45.4 in May, its lowest level in two months. Despite the drop, the figure has improved market expectations, as a decline to 43.4 was expected.

The production index component of the indicator has decreased to its lowest level in three months, standing at 45.1 from the previous 48.9, while the reduction in inventories of inputs and finished products has accelerated.

He Eurozone manufacturing PMI has fallen in June to 45.8 from 47.3 the previous month, also falling to a two-month low, although it has exceeded forecasts for a fall to 45.6.

The manufacturing PMI output index has fallen to its lowest level in six months, while there has also been a sharp decline in new orders and rising costs, although future expectations remain optimistic.

Euro reaction

The Euro has barely changed after the data, trading at 1.0762 at the time of writing, gaining 0.46% on the day.

Source: Fx Street

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