Mubasher: Germany's purchasing manager's index (PMI) for the private sector extended its strong performance in February although the rate of growth had slowed down from the near seven-year-high registered in the previous month.

"The IHS Markit Flash Germany Composite Output Index, which is based on around 85% of usual monthly responses, dipped to a three-month low of 57.4 in February, from January’s 81-month high of 59.0," data released on Wednesday showed.

Despite the slowdown, the February reading remains among the highest seen since the beginning of 2011, reflecting good but slower growth across both the manufacturing and service sectors.

The IHS Markit Flash Germany Manufacturing PMI registered 60.3 in February, down from 61.1 in the month before, and marking its lowest reading since last August.

"Factory output growth stayed strong but eased to a four-month low, the pace of expansion moderating further from December’s recent peak," the report indicated.

New orders increased in February, marking a rise for thirty-eight months in a row; however, "despite remaining robust overall, rates of growth slowed across both manufacturing and services to the weakest for seven and six months respectively," the report said.

In terms of employment, February saw more jobs in the private sector, although the rates of job creation moderated in the services and manufacturing sectors. This moderation resulted in "the smallest gain in overall employment since September last year."

By 8:55 am GMT, the EUR/USD slipped 0.14% to $1.2320.

Earlier on Wednesday, IHS Markit reported growth in France's private sector PMI for February.