The German manufacturing sector is less optimistic, but within expectations at 51.6 points. The services PMI came out 55.2 points, significantly better than 53.9 expected. This places the composite figure at a rise. However, the manufacturing sector is more important for Germany.
EUR/USD is hugging 1.11.
The figure, above 50 points, reflects ongoing growth albeit a slow one. So far, the PMs interviewed for this survey are not totally shocked by the Volkswagen crisis, that seems to have a big impact on the German economy.
Markit was expected to report small drops in purchasing manufacturing indices for the continent’s largest economy. The manufacturing PMI was expected to slide from 52.3 to 51.6 points and services from 54.1 to 53.9.
EUR/USD traded around 1.11 towards the publication, still suffering from Draghi’s drama. The common currency is licking its wounds.
This release for October already reflects ramifications from the VW scandal that erupted in late September.
Earlier, France has seen better than expected numbers.
Here is the preview: trading the German manufacturing PMI with EUR/USD.
