The German manufacturing sector quickens its pace of expansion in December, the preliminary manufacturing activity report from IHS/Markit research showed this Thursday.
The Manufacturing PMI in Eurozone’s economic powerhouse came in at 57.9 this month vs. 56.8 expected and 57.4 prior. The index rebounds to fresh three-month highs.
Meanwhile, Services PMI slumped ten-month lows of 48.4 in December as against 51.0 estimated and 52.7 previous.
The IHS Markit Flash Germany Composite Output Index arrived at 50.0 in December vs. 51.1 expected and November’s 52.2. The gauge hits an 18-month low.
“The German economic recovery was stopped in its tracks in December by the resurgence of the pandemic, as renewed restrictions and increased uncertainty dampened activity across the country’s service sector.”
“However, despite the somewhat gloomy headline number, there were a number of more positive takeaways from December’s flash survey, including an uptick in manufacturing growth and resilient business confidence.”
EUR/USD is holding the higher ground just above 1.1300, adding 0.18% on the day. The spot extends its post-Fed gains ahead of the ECB decision.
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