EUR/USD: German Flash Manufacturing and Services PMIs

The European Common Currency depreciated against the US Dollar, following the German Flash PMIs data set release on Thursday at 01:30 GMT. The EUR/USD exchange currency rate lost 11 pips or 0.10% right after the release. The Euro continued trading at the 1.1140 level against the Greenback.

Markit released the German Flash Manufacturing PMI data, which came out worse-than-expected of 44.3 compared with forecast 44.9. Also, note, that the German Flash Services PMI was released at the same time.

Phil Smith, Principal Economist at IHS Markit, commented on the release: "At 52.4, the headline Germany PMI remains in modest growth territory in May, indicating that the economy is course to see sustained expansion in Q2 following the rebound of GDP in the opening three months of the year. It is manufacturers who remain the most downbeat about the outlook amid lingering global trade tensions, though the survey highlights that fears of a slowdown may have started to spread to services, where confidence is now at its joint-lowest since 2014."