As per recent information, it has been revealed that on Thursday, the euro slammed down and it was highly susceptible to more and more loss following a fragile euro zone data which, as per the majority of market experts, resulted in adding worries regarding a deepening hold up in the area while below-forecast information out of China eventually dented the Australian dollar which had long been higher in terms of yielding.
In this regard, a large number of surveys carried out by purchasing managers revealed a real unexpected fall in euro zone services and manufacturing activity during the month of March, which was heavily struck by a sharp decline in German as well as French factory activities.
Those resulted in driving the euro to a real low of session. By around 0920 GMT, reports have revealed that euro has experienced a fall of 0.4% against dollar at $1.3152.
“When you get numbers like this out of the euro zone it definitely puts the growth outlook into question and points to a mild recession”, claimed Niels Christensen, Nordea’s currency strategist in Copenhagen.
He further added that there must be a broadening of rate differentials for the dollar, so that a lower euro/dollar ratio can be realized in the time to follow.
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