News Column

Euro Weakens After Italy Services PMI

August 5, 2014

BRUSSELS (Alliance News) - The euro fell against its most major counterparts in early European deals on Tuesday, as Italy's service sector activity expanded slower-than-expected in July.

Data from Markit economics showed that Italy's services PMI came in at 52.8 in July, down from a reading of 53.8 forecast by economists. The index was also lower from flash estimate of 53.9.

The euro declined to a 4-day low of 1.3403 against the greenback. Against the pound, the euro hit a 4-day low of 0.7954, off early high of 0.7964.

The euro reversed from its prior high of 137.72 against the yen, dropping to 137.46.

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Source: Alliance News

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