Euro remains muted after mixed German flash PMI data

Source Fxstreet
  • Euro remains calm after the release of the German preliminary HCOB PMI data for September.
  • German HCOB Composite PMI jumps to 53.8 from 51.8 in August.
  • The Fed will likely deliver at least one more interest rate hike this year.

The Euro (EUR) remains almost steady against its major currency peers after the release of the German preliminary HCOB Purchasing Managers’ Index (PMI) data for September.

The PMI report has shown a slowdown in the manufacturing sector output; however, the services sector activity returns to the expansion territory. The Manufacturing PMI arrived at 53.8, lower than 54.5 estimates and the previous reading of 54.3. The Services PMI jumped to 52.9 from 49.7 in August. A figure above 50.0 is considered as expansion in the business activity.

Strong service sector activity led to a significant growth in the overall business activity. The Composite PMI rises to 53.8 from 51.8 in August.

Against the US Dollar (USD), the Euro is down 0.24% to near 1.1420. The major currency pair is under pressure as the US Dollar remains broadly firm, with the Federal Reserve (Fed) being widely anticipated to hike interest rates at least one more time in the remainder of the year.

US Dollar Price Today

The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the New Zealand Dollar.

USD EUR GBP JPY CAD AUD NZD CHF
USD 0.23% 0.28% 0.27% 0.13% 0.41% 0.41% 0.17%
EUR -0.23% 0.04% 0.04% -0.08% 0.19% 0.17% -0.06%
GBP -0.28% -0.04% 0.02% -0.13% 0.14% 0.14% -0.03%
JPY -0.27% -0.04% -0.02% -0.11% 0.13% 0.16% -0.02%
CAD -0.13% 0.08% 0.13% 0.11% 0.26% 0.28% 0.09%
AUD -0.41% -0.19% -0.14% -0.13% -0.26% 0.00% -0.16%
NZD -0.41% -0.17% -0.14% -0.16% -0.28% -0.00% -0.18%
CHF -0.17% 0.06% 0.03% 0.02% -0.09% 0.16% 0.18%

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).

During press time, the US Dollar Index (DXY), which gauges the Greenback’s value against six major currencies, trades 0.23% higher to near 100.77, the highest level seen in over seven weeks.

Fed policymakers continue to warn of persistent inflation risks amid energy shocks and strong demand, advocating the need of more interest rate hikes.

“The risks to inflation outweigh the risks to maximum employment. That's why we raised rates,” Richmond Fed Bank President Thomas Barkin said on Tuesday, Reuters reported. Barkin added, "Will additional hikes be required, and how many? ​We'll see," Barkin said.

EUR/USD Technical Analysis

In the daily chart, EUR/USD trades at 1.1422, keeping a bearish near-term bias as spot holds beneath the 20-period exponential moving average (EMA) at 1.1532. The pair has extended its retreat away from prior highs, and the latest Relative Strength Index (RSI) reading near 29 suggests emerging oversold conditions, hinting that downside momentum could be stretched even as the broader tone remains heavy below the key EMA barrier.

On the topside, initial resistance is located at the 20-period EMA at 1.1532, which caps recovery attempts and defines the first hurdle for any corrective bounce. As long as price trades under this moving average, rallies are likely to be viewed as corrective within a broader bearish phase, while any sustained break above the EMA would be needed to ease immediate pressure and open the way for a more durable rebound.

(The technical analysis of this story was written with the help of an AI tool. Know more.)

Economic Indicator

HCOB Composite PMI

The Composite Purchasing Managers Index (PMI), released on a monthly basis by S&P Global and Hamburg Commercial Bank (HCOB), is a leading indicator gauging private-business activity in Germany for both the manufacturing and services sectors. The data is derived from surveys to senior executives. Each response is weighted according to the size of the company and its contribution to total manufacturing or services output accounted for by the sub-sector to which that company belongs. Survey responses reflect the change, if any, in the current month compared to the previous month and can anticipate changing trends in official data series such as Gross Domestic Product (GDP), industrial production, employment and inflation. The index varies between 0 and 100, with levels of 50.0 signaling no change over the previous month. A reading above 50 indicates that the German private economy is generally expanding, a bullish sign for the Euro (EUR). Meanwhile, a reading below 50 signals that activity is generally declining, which is seen as bearish for EUR.

Read more.

Last release: Wed Sep 23, 2026 07:30 (Prel)

Frequency: Monthly

Actual: 53.8

Consensus: -

Previous: 51.8

Source: S&P Global

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Gold Price Forecast: XAU/USD drifts toward $4.300 with bears gaining tractionGold (XAU/USD) retraces Tuesday’s gains on Wednesday and drifts lower, approaching the $4,300 area as the US Dollar Index (DXY) rallies further amid high US Treasury yields.
Author  FXStreet
7 hours ago
Gold (XAU/USD) retraces Tuesday’s gains on Wednesday and drifts lower, approaching the $4,300 area as the US Dollar Index (DXY) rallies further amid high US Treasury yields.
placeholder
Bitcoin Cash Surges 30% in Single Day as Catch-Up Rally Explodes, Far Outpacing BTCBitcoin Cash launches catch-up rally, surging 30% in a single day and approaching the $350 mark.On September 23, Bitcoin Cash (BCH) experienced a surge, soaring 30% intraday, far exceedin
Author  TradingKey
9 hours ago
Bitcoin Cash launches catch-up rally, surging 30% in a single day and approaching the $350 mark.On September 23, Bitcoin Cash (BCH) experienced a surge, soaring 30% intraday, far exceedin
placeholder
Memory chips surge, Nasdaq notches a second straight record close — why the Dow fell 185 points anywayMicron gained 5%, SanDisk 6.8%, Seagate 4% and Western Digital 3% as the memory complex led the Nasdaq Composite to a second consecutive record close of 27,244.28. But the Dow fell 185 points as JPMorgan, Wells Fargo and Schwab slid more than 3% each — a split tape that says more about positioning than about the economy.
Author  Irene Q.
11 hours ago
Micron gained 5%, SanDisk 6.8%, Seagate 4% and Western Digital 3% as the memory complex led the Nasdaq Composite to a second consecutive record close of 27,244.28. But the Dow fell 185 points as JPMorgan, Wells Fargo and Schwab slid more than 3% each — a split tape that says more about positioning than about the economy.
placeholder
October hike odds climb toward 60% as Goldman and BofA both flip — what Warsh's "dose of accommodation" really changedRate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.
Author  Irene Q.
11 hours ago
Rate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.
placeholder
US Special Envoy Witkoff says mediators completed round of US-Iran talksUnited States (US) Special Envoy to the Middle East, Steve Witkoff, said the US held "lengthy" indirect talks with the Iranian delegation via mediators on the sidelines of the United Nations General Assembly (UNGA), Reuters reported on Tuesday.
Author  FXStreet
16 hours ago
United States (US) Special Envoy to the Middle East, Steve Witkoff, said the US held "lengthy" indirect talks with the Iranian delegation via mediators on the sidelines of the United Nations General Assembly (UNGA), Reuters reported on Tuesday.
goTop
quote