Latest data released by Markit/BME – 23 May 2019
- Prior 44.4
- Services PMI 55.0 vs 55.4 expected
- Prior 55.7
- Composite PMI 52.4 vs 52.0 expected
- Prior 52.2
Another month, another contraction in Germany’s manufacturing sector. Despite the drop in the overall manufacturing sector and services sector, the composite reading actually improved in May so that is helping to cushion some of the blow.
Looking into the details, factory output actually improved to a 3-month high from 45.6 in April to 47.6 in May. I reckon that probably helped but nonetheless, the readings in the sector are still signaling a contraction as a whole; new orders also dipped back into contraction after a brief recovery in April.
EUR/USD slipped a little from 1.1143 to 1.1135 upon the release but is back up to 1.1143 currently. EUR/GBP continues to hold higher at 0.8835 near session highs as the pound remains weak in trading so far today.