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21.11.2024

European session review: EUR weakens ahead of tomorrow’s Eurozone flash PMI readings

TimeCountryEventPeriodPrevious valueForecastActual
07:00United KingdomPSNB, blnOctober-16.1-15.9-17.4
08:00AustraliaRBA Gov Bullock Speaks    

EUR declined against other major currencies in the European session on Thursday as investors prepared for tomorrow's release of the Eurozone flash PMI readings for November.

Expectations are for tomorrow’s preliminary data on the business activity in the euro area to confirm that private business in the Eurozone continued to stagnate early this month due to ongoing contraction in activity in the region’s manufacturing sector and a modest expansion in the services sector.

In the meantime, markets continue to monitor further escalation in the Russia-Ukraine war. Russia reportedly launched an intercontinental ballistic missile against the central-eastern Ukrainian city of Dnipro this morning. If confirmed, it would be the first time the Russian Federation has used such a weapon in an attack on Ukraine. The attack came after Ukraine's first strikes on military objects in Russia by western ATACMS and Storm Shadow missiles earlier this week.


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