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    German Preliminary Manufacturing PMI unexpectedly drops to 42.3 in February vs. 46.1 expected

    Source Fxstreet
    Feb 22, 2024 08:32
    • Germany’s Manufacturing PMI dropped to 42.3 in February vs. the forecast of 46.1.
    • Services PMI for the German economy rose to 48.2 in February vs. 48.0 expected.
    • EUR/USD keeps gains above 1.0850 after mixed German PMIs.

    Germany’s manufacturing sector contraction unexpectedly deepened in February while the services sector activity improved, according to the preliminary business activity report from the HCOB survey published on Thursday.

    The HCOB Manufacturing PMI in the Eurozone’s economic powerhouse declined to 42.3 this month, as against the 46.1 expected and January’s 45.5. The index hit the lowest level in four months.

    Meanwhile, Services PMI rose from 47.7 in January to 48.2 in February. The market expectations were for a 48.0 print in the reported period. The measure touched a fresh two-month high.

    The HCOB Preliminary German Composite Output Index came in at 46.1 in February vs. 47.5 expected and 47.0 previous reading. The gauge tumbled to a four-month low.

    FX implications

    EUR/USD failed to react to the mixed German data. The pair is trading 0.45% higher on the day at 1.0865, as of writing.

    Euro price today

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

      USD EUR GBP CAD AUD JPY NZD CHF
    USD   -0.45% -0.45% -0.43% -0.59% -0.12% -0.57% -0.45%
    EUR 0.41%   -0.04% -0.04% -0.19% 0.28% -0.15% -0.04%
    GBP 0.48% 0.05%   0.02% -0.14% 0.33% -0.11% 0.02%
    CAD 0.42% 0.03% 0.00%   -0.15% 0.31% -0.12% 0.01%
    AUD 0.58% 0.14% 0.14% 0.15%   0.47% 0.03% 0.14%
    JPY 0.11% -0.31% -0.36% -0.30% -0.51%   -0.46% -0.29%
    NZD 0.56% 0.15% 0.11% 0.12% -0.03% 0.43%   0.13%
    CHF 0.42% -0.02% -0.03% -0.01% -0.17% 0.30% -0.14%  

    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 Euro from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent EUR (base)/JPY (quote).

     

    Disclaimer: For information purposes only. Past performance is not indicative of future results.
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    Source  Fxstreet
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    Source  Fxstreet
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    Source  Fxstreet
    Nick Kounis, Head of Financial Markets and Sustainability Research at ABN Amro, notes that the European Central Bank (ECB) President asserted that while the Governing Council would be ‘data dependent’ it was ‘not Fed dependent.’ ECB will cut policy rates at each and every meeting from June on wards "Overall, we think the ECB’s communication is consistent with a start of a rate cut cycle at the June Governing Council meeting.
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