The Markit’s services PMI for Germany has fallen to 52.4 points in October from 56.2 September, as expected. This is the third consecutive month of declines in the indicator, which has reached its lowest level in six months, specifically since April.
According to analysts at IHS Markit, the month of October reflects the loss of momentum in the recovery. Although the job creation rate remains strong, there is a record rise in producer prices as cost pressures intensify.
Market reaction
The EUR/USD has extended its retreat into the early hours of the European morning, falling to 1.1549, new three-day low. In total, the pair has lost more than 65 pips from the early Asian daily high at 1.1616. At the time of writing, the euro is trading against the dollar over 1.1552, losing 0.51% daily.
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