The euro is strong against the pound but weaker against the dollar as the new year begins.
A series of Manufacturing PMI was released this morning for Italy, France, Germany and the Euro Area. Italian manufacturing PMI decreased to 46.2 points in December from 47.60 points in November of 2019, staying within contraction territory.
Manufacturing PMI for France fell to 50.3 in December from 51.7 in November, below expectations of 51.5. Germany’s also fell, coming in at 43.4 in December from 44.1 in November, well below market expectations of 44.5. The reading pointed to a deeper contraction in factory activity, which has now shrunk for the 12th straight month.
For the euro area as a whole, the Manufacturing PMI also dropped, painting a bleak picture of the European economy.
