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Euro Steady Above $1.36 Ahead Of ECB Meeting

ByBenzinga
AuthorBenzinga
Published 12/06/2013, 12:04 AM
Updated 05/14/2017, 06:45 AM
SI
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The euro traded steadily near $1.36 on Thursday morning ahead of the European Central Bank's monthly policy meeting, set to take place later in the day. The common currency was weighed down by more data which showed that disparities between eurozone nations were growing wider.

Reuters reported that Markit's November eurozone Composite Purchasing Managers' Index slipped from 51.9 in October to 51.7 in November. The drop shows that the region's recovery is still on shaky ground, but there was a silver lining.

November's reading marks the fifth consecutive month of producing a PMI score above 50, the figure which separates growth from contraction. The figure also came in above analysts' original expectation of 51.5.

Individual eurozone countries' PMI scores were the most concerning as Germany led the region's growth with a PMI reading of 55.4, a 29 month high, but data from the regions next two largest economies, France and Italy, were not so rosey. France's composite PMI was down to 48.0, making it the country's 19th reading below 50 in the past 21 months. Italy's composite PMI was down to 47.2, a huge drop from the nation's 50.5 reading in October.

The growing divide between individual eurozone economies will likely be a hot topic at the European Central Bank's policy meeting on Thursday. Last month the bank unexpectedly took its interest rate down to a record low of 0.25 percent in an effort to fight falling inflation. Many are expecting ECB President Mario Draghi to address the disparity and how the bank plans move forward at the press conference following the meeting.

BY Laura Brodbeck

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