The EUR/USD pair trades at its lowest since mid-June as the Euro got hit by dismal local data. S&P Global released the preliminary estimates of the A
According to S&P, business activity in the Euro Zone contracted “at an accelerating pace” in the month, with falling output in manufacturing and services. Theprinted at 43.7, slightly better than anticipated, while the services index unexpectedly sunk into contraction territory, down to 48.3 against the 50.3 expected. The Composite PMI resulted in 47.0, its lowest in over two years.
German figures were equally discouraging, as business activity suffered the steepest decline for more than three years in August, according to the report. The manufacturing index came in at 39.1, while the Servicesfell to 44.7, a 39-month low. More worrisome, the document noted an increase in inflationary pressures driven by accelerated cost and price increases in the service sector.
S&P Global will release the United States indexes after Wall Street’s opening, and generally speaking, are expected to offer a better picture of local business activity. The country will also publish July New Home Sales, while the EU will unveil the preliminary estimate of August Consumer Confidence.
Meanwhile, the US Dollar is mostly weak against other rivals, as government bond yields eased sharply from Monday’s peaks. The 10-year Treasury note currently yields 4.27%, down 5 basis points . At the same time, Asian and European indexes hold on to modest intraday gains, shrugging off the poor performance of Wall Street on Tuesday.The EUR/USD pair is sharply down for a second consecutive day and about to pierce the 1.0800 threshold.
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