News Alert: Euro Crashes Over 70 Pips, What’s Going On?
Arslan Butt • 1 min read
EUR/USD is falling hard as hell. So far, the direct currency pair has dropped more than 75 pips from 1.1390 to 1.1314, and the bearish momentum is continuing.
What’s Going On?
French Flash Manufacturing PMI: French business activity falls back into contraction territory. At 48.7 in March, the IHS Markit Flash France Composite Output Index plunged from 50.4 in February, flagging a renewed slump in private sector business activity.
German Flash Manufacturing PMI: German output growth is at a near six-year low as manufacturing downturn deepens. March marked the slowest rate of business activity in Germany in almost six years. The PMI figure fell drastically from 47.6 in February to 44.7 in March.