German Preliminary Manufacturing PMI drops to 47.0 in January vs. 47.9 expected

• German Manufacturing PMI arrives at 47.0 in January vs. 47.9 expected.
• Services PMI in Germany jumps to 50.4 in January vs. 49.7 expected.
• EUR/USD erases gains near 1.0870 on mixed German PMIs.

The German manufacturing sector recovery dwindled in January even as inflation continues to slow, the preliminary manufacturing activity report from S&P Global/BME research showed this Tuesday.

The Manufacturing PMI in Eurozone’s economic powerhouse came in at 47.0 this month vs. 47.9 expected and 47.1 prior. The index dropped to two-month lows.

more to come ...