Germany November flash manufacturing PMI 43.8 vs 42.8 expected
Latest data released by Markit/BME - 22 November 2019
The beat in the manufacturing print is a positive but that is offset by a quite the miss in the services print as well. Although the German economy depends more on manufacturing, the headline reading still reaffirms a contraction.
Meanwhile, a further drop in services means that the manufacturing recession is perhaps starting to significantly spill over to the services sector now. On the balance of things, there is some good and some bad in the data - depending on how you want to look at it.
EUR/USD popped to a session high of 1.1087 on the release and the question now will be if buyers feel confident to break above the 100-day moving average @ 1.1087 today.