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German manufacturing and services sector increased more than expected

Tuesday, Jun 23 2015
The latest flash PMI readings paint a mixed picture of the health of Germany’s private sector economy. Flash Germany Manufacturing PMI at 51.9 from 51.1 in May, what is a 2-month high and above expected incline to 51.5. While companies reported that output rose at a stronger rate than in May, the latest increases in new business and employment were only slight and suggest that activity growth may slow again in coming months.
 
While no significant change was forecasted Flash Germany Services Activity Index rose to 54.2 from 53.0 in May, what is a 3-month high. However, the survey data for the second quarter signal it is unlikely GDP growth has picked up since the first quarter. Meanwhile, input prices rose further, as higher staff costs, exchange rate factors and increased prices for some raw materials continued to exert upward pressure on prices. While the rate of inflation slowed from May’s 31-month high, it was nevertheless one of the highest over the last year-and-a-half.
 
After the data euro added few points, but immediately pulled back and is currently being traded few points above 1.1260 level. Pair is likely to find support around 1.12 handle and resistance above 1.1330 area. Later today,  Eurozone PMI figures are scheduled for a release.
Last modified on Tuesday, 23 June 2015
More in this category: « French Manufacturing PMI at the highest level since April 2014 Euro lower despite good PMI figures »

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