Euro Ignores Weak German and Eurozone Services PMIs

Forex News

The euro remains relatively steady versus US dollar today, despite weak Eurozone and German services PMIs. The EUR/USD pair is trading at 1.1338, having lost 0.05% on the day. Yesterday, the single currency has demonstrated significant growth, climbing above $1.14 line.

Eurozone services PMI fell to a 25-month low of 53.4 in November from 53.7 in October. IHS Markit's Eurozone Composite Final Purchasing Managers' Index (PMI) fell to 52.7 in November from October's 53.1, the lowest level since September 2016. German services PMI fell to 53.3 in November from 54.7 in October.

It was also reported, that retail sales in the Eurozone rose slightly more than expected in October. Volume of retail sales in the Eurozone grew by 0.3% compared with the previous month by 1.7% year-on-year in October. Economists had expected a growth rate of 0.2% per month after a decline of -0.5% in September. On an annualized basis, retail sales were expected to grow by 2.1% after rising by 0.3% in September.