Euro Stabilizes After Testing $1.18 Line
Euro remains steady versus US dollar. The euro/dollar pair is trading at 1.1772 level today, down 0.05% on the day. Yesterday, the single currency showed significant growth amid a broad-based greenback weakness. The EUR/USD pair gained 0.93% and traded near 1.18 line. Today's data showed, that business activity in the private sectors of the Eurozone and Germany slowed in September.
Eurozone business growth eased again in September, pointing to a possible weakening of economic growth. The Eurozone manufacturing PMI fell to 53.3 in September compared to expectations for 54.4 and from 54.6 in August. The composite output index, which measures the combined output of both the manufacturing and service sectors fell to 54.2 from 54.5, against expectations for 54.4.
The growth of the private sector in Germany slowed in September slightly more than expected. Meanwhile, the unexpected increase in activity in the services sector was insufficient to compensate for a sharp slowdown in production. German manufacturing PMI dropped to 53.7 in September from 55.9 in August. Analysts had expected a smaller drop to 55.7. Germany's services PMI rose to 56.5 from 55.0 in the previous month.