German Preliminary Manufacturing PMI declines to 42.6 in July vs. 44.0 expected
Source Fxstreet
- Germany’s Manufacturing PMI dropped to 42.6 in July vs. 44.0 anticipated.
- Services PMI for the German economy fell to 52.0 in July vs. 53.1 estimate.
- EUR/USD falls further below 1.0850 after downbeat German PMIs.
The German manufacturing sector contraction unexpectedly deteriorated in July while the services sector also underperformed, the preliminary business activity report published by the HCOB survey showed Wednesday.
The HCOB Manufacturing PMI in the Eurozone’s economic powerhouse came in at 42.6 this month, deteriorating from June’s 43.5 while much below the forecast of 44.0.
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