Forex – Euro Hits 2-Month lows on Disappointing Data, Dollar Broadly Higher

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Investing.com – The euro fell to the lowest levels in two months on Wednesday after disappointing euro zone economic data, sending the dollar broadly higher against a currency basket.

EUR/USD was down 0.5% to 1.1414 by 04:42 AM ET (08:42 AM GMT), the weakest level since August 20.

The euro was also weaker against the yen, with EUR/JPY down 0.51% to 128.33.

The euro extended losses after data showing that euro zone private sector activity grew at the slowest pace in more than two years in October, as an export-led slowdown widened out to the service sector.

The data highlighted concerns over the economic impact of tariffs and trade wars.

Italy also remained in focus a day after the European Union took the unprecedented step of rejecting Rome’s 2019 draft budget, giving the government three weeks to resubmit a revised budget plan.

Read more at : https://www.investing.com/news/forex-news/forex–euro-hits-2month-lows-on-disappointing-data-dollar-broadly-higher-1657096

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