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German manufacturing PMI misses forecasts-EUR/USD dips below 1.0900
The reaction to the latest German PMI data has been overshadowed by the surprise cut in rates by the SNB and that has pushed the EUR/CHF sharply higher. However, at the same time the Manufacturing PMI from Germany has missed forecasts and fallen to 41.6, from 42.5. The markets had expected a rise to 43.1. The EUR/USD has traded to below 1.09 on this news even as the EUR/CHF surges. Had it not been for the SNB move on rates, then the EUR/USD might have fallen further, but we do have to factor the higher EUR/CHF as driving bids back into the EUR/USD at the same time. The EUR/USD is just now trading at 1.0900
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