Euro slips on soft European factory activity amid thin trade

Euro slips on soft European factory activity amid thin trade

Mubasher: The Euro (EUR) weakened against the US dollar on Friday, on the back of weak manufacturing figures in Europe, Reuters reported.

By 9:32 am GMT, the EUR/USD pair rose 0.13% to $1.1245.

The single currency fell against the US dollar to as low as $1.1226, the lowest since one week and a half.

The economic outlook for the Eurozone was bearish owing to worse-than-expected data on factory activity in Germany last April, compared with a sturdy US economy suggested by recent raft of strong data.

Manufacturing activity in Europe’s biggest economy remained in a contraction territory for the fourth month in a row.

In addition, Eurozone business growth was slower during April, with the purchasing managers’ composite index (PMI) recording its second monthly decline.

The weak European figures sent the Japanese yen (JPY) higher to its one-week peak of JPY 111.765 briefly in late Thursday trading.

At 9:32 am GMT, the USD/JPY pair inched down 0.04% to JPY 111.930.

It is worth noting that many of the financial markets were closed for the Good Friday holiday.

While currency markets remained open, the trading volume is set to be light.