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October 23, 2020 at 03:52PM
The euro has added against the dollar and pound on Friday thanks to the strong PMI for October. Preliminary estimates noted a further recovery in the manufacturing sector of major eurozone countries. Germany sees further acceleration, following an increase in Manufacturing PMI to 58.0, an almost ten-year peak, against expectations of decline from 56.4 to 55, which would mean a slower rebound.
In contrast, the service sector has returned to contraction due to the second wave of the pandemic. However, the Composite indices for Germany and the entire eurozone went above expectations, creating positive momentum for the EUR, Euro50 and Dax30.
The US PMI prelim. estimates showed the opposite picture: the recovery in production is losing momentum, while services grow, exceeding expectations.
In both cases, this is good news for the markets, as the drivers of market movements in Germany are production and exports, while in the USA it is services and final consumption.
The FxPro Analyst Team
From: The FxPro Analyst Team https://fxpro.news/daily-economic-events/eur-dax30-grew-after-strong-pmis-20201023/
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