Euro turns red on drop in manufacturing output

Thursday, 18. April 2019 09:50

As manufacturers reported the biggest monthly drop in production in four years in France, the euro dipped to the weakest point since April 12 against the dollar and the yen. The pullback was modest, however, and it came after Markit Economics published preliminary data for April, gathered from purchasing managers in the corporate sector. Before the total flash figures for the Eurozone, the reading of the German output index showed a smaller contraction than in March, but still a deep pullback. Services expanded in both biggest economies of the monetary union, limiting the fears of a recession.

The euro was down 0.21% at 9:48 am CET, selling for $1.12726. The session low was $1.12645. The exchange rate slipped only 0.1% to £0.86546. Versus the Swiss franc it retreated 0.25% to 1.13904, snapping a four-day winning streak, which took the joint currency to the highest mark since February 11. The euro fell 0.39% to ¥126.062, following a dip to ¥126.01.

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