Following a strong day yesterday, the euro is weak against the pound and the dollar this morning. This is possibly due to a series of disappointing flash PMI data across the euro area, which came out yesterday. Services PMI came in at 53.2 in July 2019, little-changed from a preliminary estimate of 53.3 and compared to the previous month’s final 53.6. Incoming new work increased at a softer pace and employment growth was the weakest since March
This has led to a slight downgrading of Eurozone growth for the third quarter to 0.09%, compared to the previous 0.13%.
The euro rose against the dollar and the pound yesterday, benefitting from a weaker dollar and market woes.
