The euro fell after learning of the economic slowdown in the Eurozone
The euro fell hard today after learning of the April slowdown in industrial activity in the countries sharing this currency to the lowest level for 34 months.
The single currency was trading at 1545 hours GMT to $ 1.3154, up from $ 1.3234 in the last hours of European trading the currency market on Monday.
The ECB today fixed the official exchange rate of $ 1.3131 euro.
The slowdown in manufacturing sector, which was higher than expected, deepening as the weakness that extends throughout the euro area and dogged risk appetite among investors.
The final index of purchasing managers in the manufacturing sector in the euro zone fell to 45.9 points in April, its lowest level in the last 34 months (47.7 points in March), indicating a contraction on a broad front according to the expert Berenberg bank, Christian Schulz.
Decreased production in the four major economies for the first time so far this year.
The index has registered a contraction continuously for the past nine months and said that the weakness of the manufacturing sector is no longer limited to the geographical periphery of the region.
The German index fell to its lowest in 33 months, the situation deteriorated sharply again in France, while in Italy, Spain and Greece were observed accelerated some slowdowns.
The experts expressed concern about the sharp drop in industrial activity in Germany, which states that the largest economy in the euro area also is in crisis.
The expectations are in China and the U.S., where economic prospects have improved and this could help the recovery in Europe.
The euro fluctuation band against the greenback today ranged between 1.3122 and $ 1.3243.
Category: Forex
