In contrast, the service sector has returned to contraction due to the second wave of the pandemic. However, the Composite indices for Germany and the entire eurozone went above expectations, creating positive momentum for the EUR, Euro50 and Dax30.
The US PMI prelim. estimates showed the opposite picture: the recovery in production is losing momentum, while services grow, exceeding expectations.
In both cases, this is good news for the markets, as the drivers of market movements in Germany are production and exports, while in the USA it is services and final consumption.
The FxPro Analyst Team