- The German manufacturing PMI reached 57.0 points in December, below the 57.5 expected.
- The PMI for services in Germany improves to 46.8 points in December, above the 45.3 expected.
- EUR / USD bounces from the 1.2150 region following Germany’s mixed PMIs.
The German manufacturing sector expanded less than expected in January, as IHS / Markit’s preliminary manufacturing activity report showed this Friday.
He Manufacturing sector PMI reached 57.0 points, falling from 58.3 points in the previous month and below market expectations of 57.5.
Meanwhile, the services PMI contracted to 46.8 points in January, compared to 47.0 points the previous month, but above the 45.3 points expected. The index has fallen to a two-month low.
The index IHS Markit Composite PMI for Germany has fallen to seven-month lows at 50.8 points in January, above the 50.3 expected but below the 52.0 of the previous month.
Key Comments from Phil Smith, Principal Economist at IHS Markit
“There have been few surprises in the preliminary German PMI release for January, with manufacturing data remained strong but showed a slight loss of momentum, while the activity of the services sector contracted even more due to the blocking measures introduced in mid-December. “
“Usually, the German economy has had a slow start to the year, and the extension of the current lockdown measures until at least mid-February means that this appears to be the picture for several more weeks. “
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