The manufacturing sector in Germany showed a notable improvement in November, with the Manufacturing Purchasing Managers' Index (PMI) reaching a six-month high. The latest figures from the HCOB survey indicated a rise to 42.3, up from October's 40.8 and exceeding market expectations of 41.2. This positive trend was mirrored in the services sector, where a slowdown appeared to ease, as the Services PMI climbed to a two-month peak of 48.7, slightly above the forecasted 48.5 and last month’s reading of 48.2.
Furthermore, the overall German Composite Output Index, which encompasses both manufacturing and service sectors, reached a four-month zenith at 47.1 for November. This surpassed predictions which only anticipated a slight increase of about half a point.
This surge in economic indicators has translated into increased buying pressure on the EUR/USD currency pair, propelling it towards the day's high, albeit not quite reaching it. The positive economic data suggests resilience in Germany's economy despite broader challenges and has provided a boost to the euro in foreign exchange markets.
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