Germany S&P Global Services PMI comes in at 48.5 against 51.2 consensus

The Germany S&P Global Services PMI, released at 07:31 UTC, came in at 48.5. This figure was below the consensus expectation of 51.2 and also lower than the previous reading of 49.8. The actual print represented a -5.3% surprise compared to the consensus.

The initial market reaction in EUR pairs showed varied movements. Fifteen minutes after the release, EURAUD was down 6.6 pips, EURCAD was down 5.7 pips, EURCHF was down 0.5 pips, EURGBP was up 0.1 pips, EURJPY was down 12 pips, EURNZD was up 0.7 pips, and EURUSD was down 3.3 pips. These movements were generally small when compared to the typical median 1-hour moves observed after past releases. For example, EURUSD’s 3.3 pip move at 15 minutes compares to a median 1-hour move of 10 pips, while EURJPY’s 12 pip move compares to a median 1-hour move of 13 pips.