Germany’s Manufacturing PMI improved to 44.1 in January vs. 42 estimated.
Services PMI for the German economy rose to 52.5 in January vs. 51 anticipated.
EUR/USD picks up fresh bids to close in on 1.0500 after upbeat German PMIs.
The German manufacturing and services sectors activity improved in January, the preliminary business activity report published by the HCOB survey showed Friday.
The HCOB Manufacturing PMI in the Eurozone’s top economy unexpectedly rose to 44.1 this month, compared to December’s 42.5 while beating the expected 42 figure. The measure hit n eight-month high.
Meanwhile, Services bounced to 52.5 in January from 51.2 in December. The market consensus was 51 in the reported period. The gauge reached a six-month top.
The HCOB Preliminary German Composite Output Index stood at 50.1 in January vs. 48 in December and 48.2 estimates. The index was at its highest in seven months.
FX implications
recovers further to test 1.0500 after the upbeat German data, currently trading 0.74% higher on the day.
Euro PRICE Today
The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the strongest against the US Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.66% | -0.35% | -0.51% | -0.28% | -0.60% | -0.71% | -0.37% | |
| EUR | 0.66% | 0.31% | 0.18% | 0.38% | 0.06% | -0.05% | 0.29% | |
| GBP | 0.35% | -0.31% | -0.12% | 0.06% | -0.25% | -0.36% | -0.03% | |
| JPY | 0.51% | -0.18% | 0.12% | 0.19% | -0.14% | -0.25% | 0.10% | |
| CAD | 0.28% | -0.38% | -0.06% | -0.19% | -0.33% | -0.43% | -0.09% | |
| AUD | 0.60% | -0.06% | 0.25% | 0.14% | 0.33% | -0.11% | 0.21% | |
| NZD | 0.71% | 0.05% | 0.36% | 0.25% | 0.43% | 0.11% | 0.33% | |
| CHF | 0.37% | -0.29% | 0.03% | -0.10% | 0.09% | -0.21% | -0.33% |
The heat map shows percentage changes of major currencies against each other. The base currency is piacked from the left column, while the quote currency is picked from the top row. For example, if you pick Euro from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent EUR(base)/USD(quote).
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The Pound Sterling has posted a fresh two-week high above 1.2400 against the US Dollar after US President Trump supported immediate interest rate cuts from the Federal Reserve. Despite this, the Fed is widely anticipated to keep interest rates steady on Wednesday. Investors are now awaiting the preliminary UK/US PMI data for January for further insights.
NZD/USD surged to near 0.5700 after US President Trump signaled the possibility of reaching a deal with China. Trump's assumption of making a deal without imposing tariffs has reduced the risk-premium of the US Dollar. Meanwhile, the Federal Reserve is unlikely to be influenced by Trump's call for immediate rate cuts.
On Friday, gold prices attracted fresh buying interest and resumed their one-month-old uptrend. Concerns over a potential new wave of global trade wars boosted the appeal of the safe-haven commodity. Additionally, expectations for further Federal Reserve rate cuts weighed on the USD, providing additional support to the XAU/USD pair.
