Latest data released by Markit/BME - 24 July 2019

  • Prior 45.0
  • Services PMI 55.4 vs 55.3 expected
  • Prior 55.8
  • Composite PMI 51.4 vs 52.4 expected
  • Prior 52.6

Ouch, the headline is the one to focus on and that is really poor. The manufacturing recession in Germany deepens with the print falling to its weakest level in 7 years. The euro is dragged lower on it with EUR/USD falling to a session low of 1.1127 currently.

The bright side is that the services component is still holding up despite a bit of a decline in July but there's no escaping the ugliness seen in what is supposed to be the backbone of Germany's economy.