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