Euro Crashes to New Monthly Lows on Weak Eurozone PMI Prints

The  euro today crashed to  new monthly lows in  the  early European session following the  release of  multiple disappointing flash PMI readings from across the  eurozone by  IHS Markit. The  EUR/USD currency pair later extended its losses following the  release of  upbeat US advance retail sales data for  November in  the  early American session.
The  EUR/USD currency pair today dropped from a  high of  1.1365 to  a  low of  1.1268 in  the  American session before retracing some of  its losses.
The  currency pair crashed to  new lows after the  release of  various flash PMI prints from across the  eurozone, all of  which missed expectations. The  Markit Germany manufacturing PMI came in  at  51.5 missing expectations by  0.2, while the  Markit eurozone manufacturing PMI was recorded at  51.4 versus the  expected 51.8 print. The  Markit Germany services PMI also missed expectations by  coming in  at  52.5 as  compared to  the  consensus estimate of  53.5, as  did the  Markit eurozone services PMI, which came in  at  51.4 versus the  expected 53.4. The  pair had a  muted reaction to  the  German wholesale price index for  November released earlier by  the  Federal Statistical Office.
The  release of  the  advance US retail sales data for  November by  the  Census Bureau triggered a  further decline by  the  pair, as  it beat expectations by  0.1%. The  retail sales figure for  the  control group beat expectations by  a  wide margin of  0.5%, also contributing to  the  decline.
The  pair’s future performance will be influenced by  geopolitical events given the  upcoming weekend.
The  EUR/USD currency pair was trading at  1.1299 as  at  16:50 GMT having dropped from a  high of  1.1365. The  EUR/JPY currency pair was trading at  128.07 having fallen from a  high of  129.12.

If you have any questions, comments or opinions regarding the Euro,
feel free to post them using the commentary form below.