German Preliminary Manufacturing PMI unexpectedly drops to 42.3 in February vs. 46.1 expected

• Germany’s Manufacturing PMI dropped to 42.3 in February vs. the forecast of 46.1.
• Services PMI for the German economy rose to 48.2 in February vs. 48.0 expected.
• EUR/USD keeps gains above 1.0850 after mixed German PMIs.

Germany’s manufacturing sector contraction unexpectedly deepened in February while the services sector activity improved, according to the preliminary business activity report from the HCOB survey published on Thursday.

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