Euro gives up two-week high on recession concerns

2022-06-23 11:09:22 GMT (Economies.com)
Euro gives up two-week high on recession concerns

Euro declined in European trade off two-week highs against dollar on track for the first loss in four days on active profit-taking. 

 

Euro is declining on profit-taking amid renewed concerns about recession in Europe following a spate of disappointing data. 

 

Prices Today

 

EUR/USD fell 0.8% to 1.0482, with a session-high at 1.0581, after closing up 0.3% yesterday, the third profit in a row, marking two-week highs at 1.0605. 

 

Recession Concerns 

 

UK manufacturing PMI slowed down to 53.4 in June, the lowest since July 2020, missing estimates of 53.5, and down from 54.6 in May.

 

Germany's services PMI slowed down to 52.4, the lowest since January, missing estimates of 54.6, and down from 55 in the previous session.

 

France's manufacturing PMI plumbed 51 in June, the lowest since November 2020, and missing estimates of 53.9, and down from 54.6 in the previous reading.

 

The data raised concerns of a deep recession soon in European economies, which would force the ECB to take a more bearish stance. 

 

Lagarde

 

ECB President Christine Lagarde said she doesn't expect Europe to go in recession, however the ECB will take precautions. 

 
 
 
  Symbol Last Change Chg.%
1.0427
-0.0154
1.4550%
1.2096
-0.0176
1.4311%
19.698
-1.669
7.811%
108.022
0.605
0.563%
111.50
2.47
2.27%
1799.775
-29.770
1.627%
 
 
Live Forex Updates