PMI is decreasing in Eurozone (cn)

The pressure on the euro is still high. The statistics released yesterday is demonstrating the deepening of the crisis in Europe and is lifting the currency.

Thus the euro � US dollar pair neared a 22 weeks� low. The euro costs 1 dollar 25.2 cent.

According to the data of IFO the state of the largest European economy � Germany � has worsened for the first time in 7 months, the business sentiment fell to the minimums of November 2011: the reading was 106.9 pips versus forecast of 109.4.

The statistical office Markit released yesterday the PMI data for Europe.

As in the previous month, the reading for the leading countries, for Germany, and France, falls together with the overall PMI in the Eurozone. Thus the PMI in the euro area declined from the April level by 0.8 pips to 45.9.

The data appeared worse than predicted.

Experts assume the gloomy sentiment is a reason of the political uncertainty in Greece and that soon after the next elections the economic stance in the Europe will start recovering.

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