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Euro drops below $1.36 mark
The euro is under pressure versus the US dollar as manufacturing in the eurozone declines in May.
The euro is trading at $1.3598, down 0.27% on the day as the region posts a decline in manufacturing output in May, with the weaker-than-expected figures from Germany particularly worrying. As I previously mentioned, the main focus of the week will be the European Central Bank meeting on Thursday, and the poor manufacturing figures from Germany and the eurozone would suggest Mario Draghi needs to act sooner rather than later.
The US will announce the latest manufacturing purchasing managers index report at 2.45pm (London time), and the expectation is for a reading of 56.2. The euro will find it difficult to retake the $1.3640 level, and a strong figure from the US could put the euro on a path towards $1.35.