Euro Drops As Eurozone PMI Declines

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The news on economic activity in the Eurozone shocked markets again.

On Thursday the euro dipped to its lowest level for the last two months. The EUR/USD pair slid to 1 US dollar 29.4 cent.

Markets grew bearish after Markit Economics unveiled new data on the Composite PMI in the Eurozone. The index measuring activity in services and manufacturing of the region fell to its 3-year low.

According to the official report, the Eurozone Composite PMI decreased to 45.9 points in September due to downturn in the sectors of services and manufacturing.

The new reading of the index is typical for a stage of recession, and this is where the Eurozone�s at now. And the Composite PMI suggests that the economy of the region is unlikely to convalesce in the nearest future.

Statistics from France and Germany have been weak as well. Even though Germany reported broadly better PMI readings this month, its Manufacturing PMI is still below the benchmark of 50 points.

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