German PMI Data Slumps After Decent Run, Broader EU PMI Data Mixed

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2/22/2024 5:16:11 AM

(MENAFN- DailyFX) ta Slumps after Decent Run, Broader EU PMI Data Mixed Skip to Conten

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Feb 22, 2024 German PMI Data Slumps after Decent Run, Broader EU PMI Data Mixed Feb 22, 2024 Crude Oil Heavy As Global Demand Worries Win Out Over Geopolitics Feb 21, 2024 US Dollar Trims Losses After Fed Minutes Caution Against Premature Rate Cuts
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Host: Duration: min 10:12:05 widgets/economicCalendar._abbr () Actual Forecast Previous Revised EUR/USD Bullish
1h Last updated: Feb 22, 2024
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Data provided by News German PMI Data Slumps after Decent Run, Broader EU PMI Data Mixed 2024-02-22 09:19:01 US Dollar Trims Losses After Fed Minutes Caution Against Premature Rate Cuts 2024-02-21 20:35:00 Oil - US Crude Bullish

1h Last updated: Feb 22, 2024

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Data provided by News Oil Price Outlook: Brent Crude, WTI Ease after Decent Recovery 2024-02-20 16:45:20 Oil Price Update: IEA Lowers Demand Growth Estimate, Oil Recovery Slows 2024-02-15 19:30:00 Wall Street Bullish

1h Last updated: Feb 22, 2024

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1h Last updated: Feb 22, 2024

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Data provided by News Gold Prices on the Rise, Confluence Resistance in Sight. What Now for XAU/USD? 2024-02-20 18:30:00 Gold (XAU/USD) Nudges Higher in Early Trade, Resistance Levels Near 2024-02-19 08:50:00 GBP/USD Bullish

1h Last updated: Feb 22, 2024

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Data provided by News Sterling Update: GBP/USD Hanging on but Breakdown Threat Looms 2024-02-20 09:09:33 British Pound Holds On Above $1.26, But Watch That Level Closely 2024-02-19 14:30:34 USD/JPY Mixed

1h Last updated: Feb 22, 2024

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Data provided by News US Dollar Trims Losses After Fed Minutes Caution Against Premature Rate Cuts 2024-02-21 20:35:00 Japanese Yen Latest – Exports Hit Record Levels, USD/JPY Testing 150 Again 2024-02-21 09:30:18 More View More

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German, EU PMI Analysis
German PMI Contracts Sharply in February
EU PMI Data Mixed
German, EU PMI Analysis

German PMI contracts sharply in February
EU PMI data Mixed as France posts impressive numbers
Recommended by Richard Snow Introduction to Forex News Trading Get My Guide German PMI Contracts Sharply in February
German PMI data was always going to be under the microscope this week amid weak fundamentals and comments from the Bundesbank that Germany is likely already in a recession and the data supported that view.
Flash German manufacturing PMI data for February sank to 42.3 from 45.5 but the surprise came via the fall from the lofty 46.1 expectation. The manufacturing sector has attempted a recovery since the sub-40 low in July of 2023 but the latest data for February stops that in its tracks.
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In addition, forward-looking metrics like 'new business' and 'new orders' deteriorated further, with new export business also on the decline. Surveyed firms highlighted a general reluctance among customers to transact provided continued economic uncertainty and difficult financial conditions.
One bit of positive news is that the services sector saw a modest gain during the same time period and there is little evidence of cost pressures emanating from the Red Sea attacks that have forced shipping companies to reroute vessels away from the major corridor.
EU PMI Data Mixed
EU PMI data appears much better than Germany's, with the composite reading edging forecasts despite a dip in the manufacturing print. Services witnessed a welcomed lift to hit the 50 mark – a level that typically separates contraction form expansion.
French data appeared to recover and fared much better than its German counterpart, posting improvements on all three measures with a notable rise in manufacturing from 43.1 to 46.8.
The euro 's reaction was mixed but mainly had a positive impact, seeing a move higher in EUR/USD and EUR/JPY but the Euro turned sharply lower against the pound ahead of UK PMI data at 09:30 GMT. Look out for the ECB minutes relating to the January meeting.
EUR/USD Bullish Data provided by

of clients are net long. of clients are net short.

Change in	Longs	Shorts	OI
Daily	-15%	5%	-5%
Weekly	-27%	25%	-4%

What does it mean for price action? Get My Guide

--- Written by Richard Snow for DailyFX

Contact and follow Richard on Twitter: @RichardSnowFX

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