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06:58 France PMI (October) flash 49.0
06:58 France PMI services (October) flash 46.0
07:28 Germany PMI (October) flash 48.9
07:28 Germany PMI services (October) flash 52.1
07:58 EU(17) PMI (October) flash 47.3
07:58 EU(17) PMI services (October) flash 47.2
09:00 EU(17) Industrial orders (August) 1.9%
09:00 EU(17) Industrial orders (August) Y/Y 6.2%
The euro weakened as European leaders struggled to convince investors they can craft an effective response to the region’s debt crisis.
The 17-nation currency fell after a report showed European services and manufacturing output contracted in October at the fastest pace in two years, adding to signs the economy is edging toward a recession.
European leaders meeting in Brussels yesterday outlined plans to assist banks, heading toward a revamped strategy to resolve the debt crisis. The 13th summit in 21 months excluded a forced restructuring of Greece’s debt, keeping with the policy of encouraging bondholders to accept “voluntary” losses to help restore the country’s finances. Leaders will meet again on Oct. 26.
EUR/USD: the pair fell in $1,3860 area.
GBP/USD: the pair fell in $1.5920 area.
USD/JPY: the pair decreased in Y76,10 area.
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