At the end of last week, the euro buoyed against the pound due to the rejection of the Prime Minister’s withdrawal deal.
However, today it was weakened slightly due to poor economic data. The IHS Markit Eurozone Manufacturing PMI data was released today, and was revised lower to 47.5 in March of 2019 from a preliminary of 47.6 and 49.3 in February. The reading pointed to the sharpest contraction in factory output since April of 2013, final estimates showed.
Manufacturing PMI for Germany was also released this morning, and was revised lower to 44.1 in March – the sharpest contraction in factory activity since July of 2012. This data saw the euro weaken this morning and could fuel concerns over the Eurozone’s slowing economy.
