German HCOB Composite Flash PMI (Sep) 46.2 vs. Exp. 44.8 (Prev. 44.6)
- In terms of growth it means that activity remained broadly flat following the decline recorded in August. Therefore, our nowcast for services, which considers the PMI data, continues to signal a drag in the third quarter.
- The HCOB PMIs, however, indicate that things aren't going downhill as fast as before, with the decline in new orders slowing down
- Our nowcast points to a rather deep GDP slump of 1 percent compared to the quarter before. Having said this, some important sub-indicators like new business and backlogs of work, which appear to be reaching a bottom, offer hope of an end to this slump as we hit the new year.
via S&P Global
Reaction details (08:34)
- In response to the stronger-than-expected data, EUR/USD rose from 1.0622 to 1.0651, whilst Bund Dec'23 fell from 130.12 to 129.82.
22 Sep 2023 - 08:30- ForexData- Source: Newswires
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