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Data on Germany continue to upset investors, creating some pressure on risky assets, including the euro, which also fell against the US dollar in the first half of the day after the release of weak reports on the eurozone economy.
According to the data, the final consumer price index CPI of Germany in January this year fell by 0.8% compared to December 2018. Compared to January 2018, the index grew by 1.4%. However, the euro fell only slightly against the US dollar at the beginning of the European session, as the data completely coincided with the forecasts of economists.
A more significant pressure on the EURUSD pair was exerted by the report, which indicated that the preliminary index of PMI supply managers for the German manufacturing sector in February remained below 50 points, indicating a decrease in activity, and amounted to 47.6 points, while it was projected at 49.9 points. Back in January, the above index was 49.7 points.
This has had a significant impact on the overall performance of the eurozone manufacturing sector. According to the results of surveys of supply managers, the production index of the eurozone fell below 50 points and amounted to 49.2 points in February, indicating a decline in activity.
Only good preliminary indicators in the service sector, both in Germany and in the eurozone as a whole, have managed to smooth the pressure on the euro.
According to the report, the preliminary index of PMI supply managers for the German service sector in February was 55.1 points against 49.7 points in January. Economists had forecast PMI services Germany at the level of 52.9 points.
In the eurozone as a whole, according to IHS Markit, the composite index of supply managers, which consists of an indicator of activity in the manufacturing sector and the service sector, rose to 51.4 points in February from 51.0 points in January.
Today, the minutes were published from the January meeting of the European Central Bank, which confirmed the concerns of traders that the regulator may start the LTRO program, which will be aimed at long-term refinancing of the banking system.
The minutes indicate that the leaders of the ECB at the January meeting discussed new long-term loans for banks, but more accurately everything will be known at the March meeting, when the ECB will revise economic forecasts. The European regulator is confident that potential new lending operations should reflect the objectives of monetary policy in general.
There were also concerns related to negative factors for the economy, which are only temporary in nature. Special attention was paid to the risks in connection with the exacerbated situation around Brexit.
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