Latest data released by Markit/BME - 24 January 2020

  • Prior 43.7
  • Services PMI 54.2 vs 53.0 expected
  • Prior 52.9
  • Composite PMI 51.1 vs 50.5 expected
  • Prior 50.2

A beat on both the manufacturing and services print sees the euro nudge higher a little but it is important to remember that the former is still deep in contraction territory. But for now, at least there are signs of a pick up in economic activity to start the year.

For the German economic outlook to turn more optimistic, we'll need to see more consistent data points pointing in this direction but at least this will help to alleviate fears of any imminent major downturn - similar to data from recent months. Markit notes that:

A number of positive takeaways from January's flash PMI survey suggest the storm clouds over the German economy may be starting to clear. The drag from the downturn in manufacturing continues to ease as the sector moves closer to stabilisation, while the services economy is back growing at a robust pace.

EUR/USD is up around session highs now at 1.1060 currently.