Euro is down against the pound after a choppy few days. Service data for France, German and the Eurozone all came in well below expectations, showing the fastest decline in activity since records began. While a significant drop was expected, it had not been forecast to go quite so far, but lockdowns across Europe mean that sectors such as travel and tourism and restaurants.
Eurozone manufacturing declined at the steepest rate since 2012 as new work dried up and prices were reduced.
While this reading can be blamed largely on coronavirus, it’s not a positive sign for the future, raising concerns about the efforts that will have to be taken once the health crisis is over to help the European economy.
