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Euro falls to two-year low after PMI data plunges
100 euro and dollar bills scattered around.

Published : 2 weeks ago, on

LONDON (Reuters) – The euro dropped to its lowest since December 2022 on Friday after data showed euro zone business activity tumbled in November as the bloc’s dominant services industry contracted and manufacturing sank deeper into recession.

The common currency was last $1.0432, down 0.37% on the day, falling past its October 2023 level.

Euro zone government bond yields also fell after the data, and markets increased their expectations of the scale of European Central Bank rate cuts.

 

(Reporting by Alun John, editing by Dhara Ranasinghe)

 

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