The Euro to US Dollar (EUR/USD) exchange rate is forecast to make a sixth consecutive weekly decline and fall to its lowest level since 2003 as market attention shifts to Sunday’s Greek general election.
The Euro to US Dollar hit a session low of 1.1217PMI Data Offers Little Support to Euro Exchange Rate
Data released earlier in Friday’s session showed that the Eurozone economy improved slightly in January. According to Markit’s composite flash Purchasing Managers Index (PMI) activity across the 19 member, Eurozone rose to a reading of 52.2 from the preceding month’s figure of 51.4. Manufacturing activity also inched higher and matched economist expectations for a figure of 51.In a PMI any figure above 50 indicates expansion whilst a number below indicates contraction.
France however, continued to be a concern as the nation’s private sector contracted for a ninth month in a row. Manufacturing activity did show signs of improvement as the PMI rose to a figure of 49.5.
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