The euro has weakened this morning ahead of the first official speech from the new President of the ECB, Christine Lagarde. Her speech comes during a time of divisions between ECB policy makers over the eurozone’s approach to slowing economic growth.
After strong US jobs data, the euro initially fell to a daily low on Friday against the dollar, before recovering due to weaker than expected US manufacturing PMI data.
Markit Manufacturing PMI for Germany increased to 41.9 in October 2019 from 41.7 in the previous month, but below market expectations of 42, a preliminary estimate showed. The reading pointed to the tenth consecutive contraction in factory activity.
Markit Manufacturing PMI for the eurozoneincreased to 45.90 in October from 45.70 in September of 2019.
