- Prior 57.4
- Services PMI 48.4 vs 51.0 expected
- Prior 52.7
- Composite PMI 50.0 vs 51.1 expected
- Prior 52.2
Germany is the largest contributor to the eurozone GDP and this data point sets the mood music for the whole composite reading we have shortly during the European session. Services heavily down due to COVID cases and that weighs on the composite.
IHS/Markit:
"Services activity came under renewed pressure in December from the fourth wave of coronavirus and associated restrictions, falling for the first time in eight months and to the greatest extent since February"
As mentioned earlier the moves in the euro likely to come from the ECB meeting later at 1245GMT. Can't see them being anything but bearish. If even the Fed are happy to keep inflation is transitory language then how much more the ECB with Lagarde at the helm?
