Germany August flash manufacturing PMI 53.0 vs 52.5 expected

Markit/BME - August 20 2020

• Prior 51.0
• Services PMI 50.8 vs 55.1 expected
• Prior 55.6
• Composite PMI 53.7 vs 55.0 expected
• Prior 55.3

Ok, a mixed bag. A beat on the headline manufacturing, but a services and composite miss. EURUSD digesting the reading and leaning to the downside now at 1.1835.

French PMI out earlier was a disappointment and it will be interesting to see the headline reading for the eurozone out in 30 mins. Market tilting risk off with European stocks lower.