Germany S&P Global Services PMI comes in at 49.6 against 49 consensus

Germany’s S&P Global Services PMI was released at 49.6, exceeding the consensus estimate of 49.0. This represents a 1.2% surprise against expectations. The actual figure also showed an improvement from the previous reading of 48.6.

Following the release, market reaction in EUR crosses has been mixed and generally limited so far. Fifteen minutes after the data, EURAUD was up 3.5 pips, EURCAD was up 0.1 pips, EURCHF was up 1.7 pips, EURGBP was up 2.1 pips, and EURJPY was up 1.8 pips. EURNZD was down 0.7 pips, and EURUSD was down 4.4 pips. These moves are relatively small when compared to the typical median 1-hour moves observed after past releases, which range from 6 pips for EURCHF to 14 pips for EURNZD. For instance, EURUSD’s 4.4 pip move is less than its median 1-hour move of 10 pips.