German flash Manufacturing PMI eases to 57.9 in November vs. 56.5 expected

• German Manufacturing PMI arrives at  57.9 for November vs. 56.5 expected.
• Services PMI in Germany fell to 46.2 in November vs. 46.3 anticipated.

According to the preliminary manufacturing activity report from IHS/Markit research, released this Monday, the flash version of the German Manufacturing PMI eased to 57.9 in November. The reading was still better than consensus estimates pointing to a fall to 56.5 from a 30-month high level of 58.2 recorded in the previous month.

Meanwhile, the gauge for the services sector fell further into contraction territory and came in at a four-month low level of 46.2 as against market expectations for a reading of 46.3 and 49.5 previous.

FX implications

The upbeat manufacturing PM partly offset concerns about the economic damage caused by the second wave of coronavirus infections in the region. This, in turn, remained supportive of a bid tone surrounding the EUR/USD pair, which was last seen trading with modest daily gains near the 1.1870 region.