Modest output growth in Germany maintained in July

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Friday, Jul 24 2015

Flash Germany Manufacturing PMI fell to 51.5 from 51.9 in June while Services Activity Index dipped to 53.7 from 53.8 in June. July’s flash PMI data signal further modest, but unspectacular growth in Germany’s private sector, suggesting that the Greek debt crisis is not showing any meaningful negative effects on companies in the eurozone’s largest member state so far. While the overall rate of output growth slipped marginally since June, companies reported an acceleration of new business growth and continued to expand their workforce numbers at a healthy rate.

Digging a bit deeper into the data shows that service providers outperformed their manufacturing counterparts in July. In the detail, German goods producers reported slower growth of both output and new business, following slight pick-ups in the previous month. Moreover, manufacturers reported the first fall in new export business since January.

After the data euro fell is currently being traded slightly below 1.0950 level. Pair is likely to find support around 1.09 and resistance above 1.1020 area. Later today, Eurozone Manufacturing and Services PMI figures are scheduled for a release.

More in this category: « French Manufacturing PMI fell below 50 level No re-escalation of ‘Grexit’ worries, PMI data suggests »

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