Prior 41.9Services PMI 53.3 vs 50.5 expectedPrior 50.1Composite PMI 50.5 vs 48.5 expectedPrior 47.7That's a big beat on the services reading and it drags the German economy into expansion territory on the month. The euro has shot higher on this, with EUR/USD moving up from 1.0665 to 1.0695 at the moment. If anything else, this at least gives the ECB some room to work with if they decide not to move in June instead. HCOB notes that:“Is the recession over? This is the obvious question which arises as the German Composite PMI has surpassed 50 in April for the first time since mid-last year. The answer is not straightforward. For starters, it appears that the recession was predominantly concentr
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