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Mixed German PMI data not good enough for a lasting DAX rebound?
That German PMI data has just been released and it was better than the French data which preceded it, but it was rather mixed too. The initial reaction saw the EUR/USD lift slightly and the DAX did so a little too. German Services PMI fell to 52.2 from 52.5. Manufacturing did beat though, at 46.1 from 45 and that helped the composite index beat modestly. However, the initial reaction across the markets has been muted and the EUR/USD is not much higher. Neither is the DAX for that matter and leaving aside this data, the index has greater concerns ahead of it this weekend. The outcome of the German election is of far more concern for the DAX today. The index is now edging back down, probably for that reason. The DAX is right now at 22,320
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