German Preliminary Manufacturing PMI declines to 48 in April vs. 47.6 expected

·       Germany’s Manufacturing PMI dropped to 48 in April vs. 47.6 forecast.

·       Services PMI for the German economy fell to 48.8 in April vs. 50.2 estimate.

·       EUR/USD keeps the red near 1.1400 after mixed German PMIs.

The German manufacturing sector activity eased while the services sector returned to contraction in April, the preliminary business activity report published by the HCOB survey showed on Wednesday.

The HCOB Manufacturing PMI in the Eurozone’s top economy dropped to 48 this month, compared with March’s 48.3, beating the estimate of 47.6.