The European Common Currency depreciated against the US Dollar, following the German Flash PMIs survey results release on Monday at 07:30 GMT. The EUR/USD exchange currency rate lost 15 pips or 0.14% right after the release. The Euro continued trading at the 1.0975 level against the US Dollar.
Markit released the German Manufacturing PMI survey result, which came out worse-than-expected of 41.4 compared with the forecast of 44.6.
According to the official release: “The German economy contracted in September, latest flash PMI data showed, as the downturn in manufacturing deepened and service sector growth lost momentum. Job creation meanwhile stalled as firms reported weakening demand and pessimism towards the outlook for activity. The fall in output was accompanied by easing price pressures, with average charges for goods and services rising at the slowest rate for over three years.”
