German Preliminary Manufacturing PMI drops to 43.4 in June vs. 46.4 expected

• Germany’s Manufacturing PMI dipped to 43.4 in June vs. 46.4 estimate.
• Services PMI for the German economy fell to 53.5 in June vs. 54.4 forecast.
• EUR/USD falls further below 1.0700 after weak German PMIs.

The German manufacturing sector contraction unexpectedly deepened in June while the services sector also lost its expansionary momentum, the preliminary business activity report published by the HCOB survey showed Friday.

The HCOB Manufacturing PMI in the Eurozone’s economic powerhouse arrived at 43.4 this month, deteriorating from May’s 45.4 while much below the expected 46.4 readout.

more to come ...