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German Manufacturing PMI fell in July

Friday, Jul 22 2016
Although goods producers reported the strongest rise production since April 2014, the Manufacturing PMI dipped slightly since June. Flash Germany Manufacturing PMI fell to 53.7 from 54.5 in June. This was largely driven by weaker expansions in both employment and new business. Moreover, stocks of purchases fell at a faster pace, while delivery times deteriorated at a slightly weaker rate. 
Meanwhile, business optimism at service providers weakened since June, with the respective index falling to a nine-month low. Some companies are worried that an economic slowdown could affect their activity levels over the next 12 months. Flash Germany Services PMI Activity Index rose to 54.6 from 53.7 in June.  
 
Euro is currently being traded few points below 1.1020 level. Pair is likely to find support around 1.10 handle and resistance above 1.11 level.
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