Forex News

Euro area business activity slows to 47-month low in November

1139

The euro area business activity has slowed down to the lowest level in four years in November, as manufacturing firms suffered from the trade disputes.

The euro area PMI Composite of manufacturing and services eased to 52.4 in November from 53.1 in October. That’s a 47-month low.

The composite PMI reading in Germany fell to 52.2 in Nov, marking the lowest level since December 2014.

The slowdown “adds to signs that the economy faces a disappointing end of the year. IHS Markit said. “Manufacturing remains the main area of weakness, linked in part to having been hit hard once again by deteriorating exports. The slowdown is also being temporarily exacerbated by persistent disappointing car sales.”

As of 09:23 GMT, the euro erased its earlier gains, falling from a peak of $1.1421 to trade lower at $1.1378. The single currency is currency set for a weekly decline this week.

Share Artical