German manufacturing PMI data smashes expectations
(Kitco News) - German manufacturing numbers for February bounced very nicely to reach 60.6 vs the analyst consensus of 56.5 (prev 57.1). The rebound from China could have had a massive impact on the data. The EUR is now trading at daily highs with EUR/USD moving toward the 1.22 area trading 0.31% in the black.
German services PMI for February however was slightly disappointing as the nation remains in lockdown the number came in at 45.9 vs exp 46.5 (prev 46.7). This leads the prelim composite PMI for February to be 51.3 (exp 50.5; prev 50.8)
France also recorded their preliminary PMI's this morning with manufacturing at 55.0 (exp 51.5; prev 51.6), services PMI 43.6 (exp 47.0; prev 47.3) and composite 45.2 (exp 47.5; prev 47.7).
Later we will also get numbers from the UK and US to round off the picture. In the UK there was a last-minute rush before the Brexit deal was announced so it will be interesting to see if this has an impact on the optimism of the firms surveyed.
(EUR/USD intraday chart of the price action from 19/02/2021)