German manufacturing acitvity hit lowest

Thursday, 24 May 2012 03:22

In the latest report of Markit said, that the German manufacturing activity is hit the lowest level in three years, reaching for a seasonally adjusted 45.0 in May, from the last month 46.2, against forecast what said a slight raise up to 47. The concerns are high, especially that the German is the largest economy in the Euro Zone. Above 50.0 indicates industry expansion, below indicates contraction. There are 2 versions of this report released about a week apart – Flash and Final. The Flash release, which the source first reported in Mar 2008, is the earliest and thus tends to have the most impact. The Final is not reported for lack of significance.

After the release of the data, the euro added to losses against the U.S. dollar, with EUR/USD shedding 0.34% to trade at 1.2539, the lowest since July 2010.