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European services experience contraction in September

European services experience expansion in September

Today, data on the performance of the services sector in European countries according to the PMI was released, showed improvement in the readings compared to expectations and the preliminary reading, yet the reading signaled a fall in the contraction zone.

The Eurozone Services PMI came in at 48, returning to the contraction zone below the 50 level, better than expectations and the preliminary of 47.6, down from August's reading of 50.5 growth.

Also, the composite index of the manufacturing sector and the services sector in the euro area showed a growth in September of 50.4, better than expectations, compared to August reading of 51.9.

As for Britain, the services PMI rose during September to record 56.1, better than expectations, and preliminary of 55.1, while still lower than the previous month's reading of 58.8.

The composite PMI from the manufacturing and service sectors in Britain came in at 56.5 in September. Expectations and the introductory reading were at 55.6, while August's reading was higher at 59.1.

Today, the euro and the British pound rose against the US dollar, after the demand for risky investments returned to the increase following news that US President Donald Trump could exit the medical center at any time today.

The euro against the dollar recorded its highest level today at 1.1758 after it opened trading today at the level of 1.1711, while the British pound recorded its highest level against the dollar today at the level of 1.2898, and it had opened today's trading at 1.2933.


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