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Euro hit by PMI reports
The euro is trading at $1.3582. This morning France, Germany and the eurozone reported their manufacturing and services reports, which were all worse than expected.
Weak German figures were the most surprising. Prior to the the European Central Bank's monetary easing decision, Germany was the biggest opponent to the policy; now that the German economy is beginning to slow down, it may increase the likelihood of more monetary easing in the future.
The euro dropped below the $1.36 mark after the French figures, and if it drops below $1.3560 the next target would be $1.35. This level has provided support to the euro in recent weeks.