Euro declines due to PMIs

Source: Dukascopy Bank SA


During the early hours of Friday's European trading hours, one by one the Euro Zone country Purchasing Managers Index survey results were published. In general, data came in worse than expected.

French Services PMI came in at 52.1 instead of forecast 52.6 and Manufacturing PMI was at 49.6 instead of 51.1. German indices came in both at 49.2, compared to forecasts of 50.6 and 51.4 for Manufacturing and Services, respectively. Combined data for the Euro Zone revealed a contraction at 49.6 for Manufacturing and worse than expected growth for Services at 50.6.

The EUR/USD reacted to the string of news by declining 81 base points or 0.79%,
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