EUR/USD Jumps Above 1.08 as German Manufacturing PMI Beats with 47.8

Friday, 21 February 2020 15:49 WIB



Markit's German Manufacturing PMI for February beat estimates with a score of 47.8 points, far above 44.8 expected and 45.3 recorded in January. The score remains below 50 – reflecting ongoing albeit slower contraction in the eurozone's largest economy's industrial sector. Nevertheless, the rise from the lows – despite growing fears of the coronavirus disease – is boosting the euro.

The services PMI dropped to 53.3 points, below 53.8 estimated by economists. These forward-looking surveys have been showing a significant gap between the sectors for a considerable time. Markit has noted that the outbreak is having a faily limited impact on the manufacturing sector.

EUR/USD has jumped to 1.0818, advancing from a daily low of 1.0783.

Source : Fxstreet


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