Latest data released by Markit/BME - 21 February 2019

  • Prior 49.7
  • Services PMI 55.1 vs 52.9 expected
  • Prior 53.0
  • Composite PMI 52.7 vs 52.0 expected
  • Prior 52.1

A mixed report here from Germany as factory activity is seen to slump heavily while the services sector is helping to offset the drop here. Overall, the composite reading is still showing a rebound and that should at least for now be good news for the euro; or at least it won't drag it lower despite the soggy manufacturing print.

But this once again presents the case, how long can the services sector keep masking the significant slowdown seen in the German economy? It's only a matter of time before things start to unravel.