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German Services PMI edges towards stagnation

Friday, Sep 23 2016

Output growth at German private sector firms slowed further at the end of the third quarter. The Markit Flash Germany Composite Output Index fell from August’s 53.3 to 52.7 and therefore signalled the weakest expansion in activity in almost one-and-a-half years. While service providers reported a near-stagnation of output during the month, manufacturers recorded ongoing solid growth. Flash Germany Services PMI Activity Index came at 50.6 (51.7 in August), what is a 39-month low, while on the other hand Flash Germany Manufacturing PMI at 54.3 (53.6 in August), a 3-month high.

Commenting on the flash PMI data, Oliver Kolodseike, Economist at IHS Markit said: “The upturn in Germany’s private sector economy is losing further momentum, with latest survey data pointing to the slowest expansion in output for nearly one-and-a-half years. Although new business rose further, the rate of expansion remained uninspiring and much weaker than the levels seen around the turn of the year.“

 

Euro is currently being traded around 1.12 handle. Pair is likely to find support around 1.1150 area and resistance above 1.1250 level.

Last modified on Saturday, 24 September 2016
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