EUR/USD Forex Signal: Sell Off is Not Done Yet EURUSD Forex Signal
The EUR/USD price retreated below parity as investors worried about the European economy.
The European composite PMI declined from 49.8 to 49.7, which was slightly higher than the median estimate of 49.0. These numbers showed that the bloc’s output is falling at a relatively fast pace as companies see low demand and high cost of doing business. Another report published on Tuesday showed that half of Europe is facing a drought. As a result, there are concerns about the cost of food in the coming months. In addition, low water levels in key rivers is having an impact on power generation and river transport.
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