• German Manufacturing PMI arrives at 44.0 in April vs. 45.7 expected.
• Services PMI in Germany jumps to 55.7 in April vs. 53.3 expected.
• EUR/USD keeps losses near 1.0950 on mixed German PMIs.

The German manufacturing sector contractions deepens in April while the services sector outperformed, the preliminary business activity report from S&P Global/BME research showed this Friday.

The Manufacturing PMI in Eurozone’s economic powerhouse came in at 44.0 this month vs. 45.7 expected and 44.7 prior. The index slumped to a 35-month low.

Meanwhile, Services PMI jumped from 53.7 in March to 55.7 in April as against the 53.3 print expected. The PMI reached yearly highs.

The S&P Global/BME Preliminary Germany Composite Output Index arrived at 53.9 in April vs. 52.7 expected and March’s 52.6. The gauge quickened its pace of expansion to 12-month highs.

FX implications

EUR/USD is off the lows but keeps the red at around 1.0950 on the mixed German data.