08:30 AM GMT, Germany - PMI Data for November:
- HCOB Germany Composite PMI: actual 47.3; previous 48.6;
- HCOB Germany Manufacturing PMI: actual 43.2; forecast 43.1; previous 43.0;
- HCOB Germany Services PMI: actual 49.4; forecast 51.8; previous 51.6;
08:15 AM GMT, France - PMI Data for November:
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- HCOB France Composite PMI: actual 44.8; previous 48.1;
- HCOB France Services PMI: actual 45.7; forecast 49.0; previous 49.2
The PMI data for France and Germany came in lower than expected and below 50, signaling economic contraction across key sectors. Both countries' manufacturing PMIs were the weakest among the reported figures, underscoring the ongoing struggles in industrial output.
In Germany, the Composite PMI dropped to 47.3 from 48.6, reflecting a broader slowdown in economic activity. The Manufacturing PMI posted a slight improvement to 43.2 (previous: 43.0), but it remains deeply in contraction territory. The Services PMI fell sharply to 49.4, missing forecasts of 51.8 and slipping into contraction, indicating increased pressure on the service sector.
In France, the Composite PMI saw a steep decline to 44.8 from 48.1, pointing to a worsening economic downturn. The Manufacturing PMI came in at 43.2, below the forecast of 44.6 and the previous 44.5, highlighting continued weakness in the industrial sector. The Services PMI also fell significantly to 45.7, missing the expected 49.0 and dropping further from its prior level of 49.2, signaling a sharper contraction in services activity.
The below-50 readings in both countries indicate shrinking economic activity, with France experiencing sharper declines in its services sector and Germany showing worsening conditions across both manufacturing and services. These figures reflect broader challenges in the Eurozone's largest economies.
EURUSD showed limited reaction to the weaker PMI data, remaining below the short-term resistance level of 1.04872. The muted response suggests that the disappointing figures were largely priced in or overshadowed by other market factors.
