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Euro Breaking News: German and EZ PMI’s Touch Contractionary Territory, Parity Resurgence?

July 22, 2022

Via: DailyFX

The euro began its descent today beginning with French PMI’s missing estimates followed by German data which often services as a barometer for the entire EU region. Unsurprisingly, EZ PMI’s followed suite (see economic calendar below), augmenting the weaker euro. Manufacturing and services fell across the board, hinting at the negative impact of inflation on these respective sectors. Consumer spending looks to be on the decline as recessionary fears take hold across the globe while the worlds major importing nation China grapples with stifled economic activity leading to a systemic adverse effect on European exports.

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