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FxWirePro: Euro awaits German PMI report at key level
German flash PMI reports are going to be one of the key factors which would drive gains or loss for the day. The data will be released at 7:30 GMT, while the euro is treading water around 1.13 area.
German flash PMI reports could be defined, as it was shocker last month when manufacturing PMI declined to just 44.1 in March, the worst showing for the German manufacturing sector since the Eurozone crisis of 2011/12.
Today, manufacturing PMI is expected to slightly edge higher to 45 for the month of April, which still points to a contraction in the sector. However, if it declines further below the March reading, we can expect sharp selloff in the single currency, as Germany and its manufacturing sector have long been one of the key growth engines of the entire continent.