Germany Services PMI comes in at 49.7 against 48.5 consensus

Germany’s S&P Global Services PMI was released today, registering 49.7. This figure came in above the consensus expectation of 48.5, representing a 2.5% surprise. The previous reading for the index was also 48.5.

Initial market reactions for EUR pairs showed varied movements. Fifteen minutes after the release, EURAUD was down 18 pips, while EURCAD was down 0.3 pips. EURCHF moved down 1.3 pips, and EURGBP was up 1.1 pips. EURJPY declined 24 pips, EURNZD was down 4.8 pips, and EURUSD was up 1.1 pips. For context, the median 1-hour move for EURAUD is 13 pips, for EURCAD 11 pips, for EURCHF 6 pips, for EURGBP 7 pips, for EURJPY 13 pips, for EURNZD 14 pips, and for EURUSD 10 pips. The 15-minute moves for EURCAD, EURCHF, EURGBP, EURNZD, and EURUSD were relatively small compared to their respective median 1-hour moves. In contrast, EURAUD and EURJPY’s 15-minute moves were larger than their median 1-hour moves.