European Session – Euro hammered by dismal euro zone PMI’s
Posted on October 24, 2012 at 12:06 pm GMTEuro tumbled 0.5 percent against the dollar after a series of weak euro zone PMI data, followed by disappointing German business confidence data. The decline in the numbers reinforces concern that the economic downturn in the euro zone may be deepening and widening. Euro zone manufacturing PMI came in lower at 45.7 versus an expected 48.0. Meanwhile Germany’s Ifo business sentiment index surprisingly fell in October, adding to fears that Europe’s largest economy will not be able to drive the [..]