Research Team at TDS, suggests that the downside risks to the German manufacturing PMI materialized as we expected, with a drop in the month to 50.2, following 52.3 in January. Key Quotes “While they weren’t great, the details of the report were not quite as bad as the headline suggested. Manufacturing new orders remained unchanged on the month, while new export orders increased slightly. Much of the decline in the manufacturing index was on account of lower prices, which is less of a concern to the activity side. The February flash services PMI for France disappointed both us and markets in February, dipping back down to December’s recent low of 49.8. New work orders fell for the first time in over a year, but one positive sign in February’s report was that business expectations reached a 6-month high.” For more information, read our latest forex news.