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German Manufacturing PMI unchanged, Services PMI at a 5-month high

Friday, Feb 20 2015

German Manufacturing PMI was unchanged in February. Increase to 51.8 was forecasted. The rate of contraction eased, however, and was only marginal overall. Meanwhile, vendor performance continued to deteriorate, with the rate at which average delivery times lengthened little-changed from January.

Services PMI rose to a 5-month high at 55.5. Analysts were predicting slightly rise to 54.3.Prospects in Germany’s private sector continued to brighten in February, with flash PMI data signalling the fastest rise in private sector activity growth for seven months. Furthermore, improving economic conditions and an understrength euro led to a second successive monthly rise in new orders.

 

After the data was released, euro was little changed currently being traded few points above 1.1330 level. Pair is likely to find support around 1.13 handle and resistance above 1.1380 level. Later today, Eurozone Manufacturing and Services PMI figures will be released.

More in this category: « French Manufacturing PMI unexpectedly fell in February Mixed Eurozone PMI figures »

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