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German Manufacturing PMI rose more than expected

Monday, Nov 23 2015
Private sector output growth in Germany accelerated further in November, partly driven by efficiency improvements and increased new order intakes, according to panel evidence. Flash Germany Services Activity Index recorded 55.6 up from 54.5 in October, what is a 14-month high. In fact, the rise in new business was a particularly bright spot in the data set, with the respective pace of expansion the fastest in two years. 
 
Moreover, it looks as if businesses will remain busy in coming months: backlogs of work accumulated at one of the strongest rates over the past four-and-a-half years and companies raised their employment levels to the greatest degree since December 2011 in anticipation of higher new business. Flash Germany Manufacturing PMI rose to 52.6 from 52.1 in October what is a 3-month high. 
 
Euro is currently being traded around 1.0630 area. Pair is likely to find support around 1.06 handle and resistance above 1.0650 level. Later today, in the US session, Existing Home Sales figures are scheduled for a release.
More in this category: « French Manufacturing PMI at a 19 -month high Is BoE ready for first tightening in more than eight years? »

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