German Preliminary Manufacturing PMI jumps to 45.4 in May vs. 43.1 expected

• Germany’s Manufacturing PMI rose to 45.4 in May vs. 43.1 anticipated.
• Services PMI for the German economy advanced to 53.9 in May vs. 53.5 forecast.
• EUR/USD bounces back toward 1.0850 after upbeat German PMIs.

The German manufacturing sector’s pace of contraction slowed in May while the services sector outperformed, the preliminary business activity report published by the HCOB survey showed Thursday.

The HCOB Manufacturing PMI in the Eurozone’s economic powerhouse came in at 45.4 this month, improving from April’s 42.5 while much above the expected 43.1 print.