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Euro reaches its lowest level in May 2017 against the US dollar

2019-09-02 02:09 pm | Resource: NEWS | No Views : 62

Euro reaches its lowest level in May 2017 against the US dollar

The euro fell to its lowest level against the dollar last seen in May 2017 as global trade uncertainty increased. During European morning trade, IHS Markit data showed that German manufacturing remained shrinking in August, leading to a decline in the manufacturing index in the entire euro zone.

Spain's manufacturing sector contracted due to weak production

Spain's manufacturing sector contracted in August as production fell the steepest since 2013, survey data from IHS Markit showed on Monday.
  • The manufacturing PMI rose to 48.8 from 48.2 in July. The index remained below 50.0 unchanged for the third consecutive month.

Production fell at the fastest pace in nearly six and a half years. Orders fell amid reports of apathy in European markets. Due to the continued softness of production and new order flows, manufacturers have reduced staffing levels. On the price front, the data showed that input costs decreased slightly, while there was no change in production fees. Although confidence improved next year, it remained at a historically weak level.

Italy's manufacturing activity declines in August

A decline in Italy's manufacturing sector continued as companies posted a 13th straight decline in both production and new orders, survey data from IHS Markit showed on Monday.
  • Manufacturing PMI rose slightly to 48.7 in August from 48.5 in July. A score below 50 indicates contraction.

Production and new orders fell for the 13th consecutive month. However, the recent decline in production was the least pronounced since May, according to the survey. Meanwhile, new orders fell further in five months. On the price front, both input costs and production fees increased for the first time in three months and two months in a row. Finally, business expectations in the region remained positive, despite overall sentiment falling to four-month lows.

The dollar has fallen

Against the euro, it hit a daily low against the dollar, rising to 1.09580. The Euro was down 0.19% against the US currency and was trading at 1.09689.


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