German Preliminary Manufacturing PMI rises to 42.2 in April vs. 42.8 expected

• Germany’s Manufacturing PMI rose to 42.2 in April vs. 42.8 forecast.
• Services PMI for the German economy advanced to 53.3 in April vs. 50.6 estimate.
• EUR/USD jumps toward 1.0700 after mixed German PMIs.

Germany’s manufacturing sector witnessed some improvement in the contraction in April while the services sector outperformed, the preliminary business activity report published by the HCOB survey showed Tuesday.

The HCOB Manufacturing PMI in the Eurozone’s economic powerhouse rose to 42.2 this month, compared with the 42.8 estimate and March’s 41.9. The index hit the highest level in two months.