German Preliminary Manufacturing PMI contracts further to 38.8 in July vs. 41.0 expected

• Germany’s Manufacturing PMI arrives at 38.8 in July vs. 41.0 expected.
• Services PMI in Europe’s economic powerhouse drops to 52.0 in July vs. 53.1 expected.
• EUR/USD drops below 1.1100 on disappointing German PMIs.

Germany’s manufacturing downturn extended into July while the services sector slowdown continued, according to the preliminary business activity report from the HCOB survey published on Monday.

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