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Forex Today: Euro falls on poor Eurozone manufacturing and services data

Forex Today: Euro falls on poor Eurozone manufacturing and services data

Worse than expected, PMI data from services and manufacturing in Germany, France and the UK fuel fears of an impending recession and trigger a sell-off in the euro, with the British pound also weak.

➡️ Data was released today on services and manufacturing expectations in Germany, France and the UK. Every single data point came in significantly weaker than expected, raising fears of an impending Eurozone recession providing clear evidence of the slowdown in economic activity in major Eurozone nations. The euro is the weakest major currency in the Forex market today, while the New Zealand dollar is the strongest.

➡️ Stock markets are mixed today, with the Hang Seng Index ending the day down more than 1%, while Japan's Nikkei 225 ended the day sharply higher, and major U.S. indexes also saw small increases since after-hours markets opened a few hours ago.

➡️ There will be a release later today of US manufacturing and services PMI data.

➡️ Gasoline futures hit a new 3-month high on Friday, while cocoa futures ended last week very close to long-term highs that were printed just a few days ago. Both assets will be of interest to trend traders on the Long side.

➡️ The US dollar continues to post gains as markets look ahead to Wednesday's expected 0.25% rate hike by the US Federal Reserve.

 

Credit by DailyForex.com

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