At the beginning of the week, the European currency recorded losses against the US dollar.
(Photo: dpa)
Frankfurt Weak economic data pushed the euro rate down at the beginning of the week. The European single currency fell around 0.5 percent against the US dollar and was trading at just over 1.10 US dollars on Monday afternoon. In the past week, the euro had exceeded the mark of 1.12 US dollars. Analysts attributed the decline to weak economic data for the euro area.
The purchasing managers’ index for the private sector fell in July by 1.0 to 48.9 points, as the financial services provider S&P Global announced on Monday in its survey of thousands of companies. This is the second straight decline and the worst reading since November 2022.
The barometer, which is closely watched on the financial markets, moved further away from the growth threshold of 50 points. Economists surveyed by the Reuters news agency had only expected a slight decline to 49.7 points.
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