EUR/USD exchange rate remained flat and the pairing is currently trading at an inter-bank rate of $1.1170.
On Monday morning data revealed that manufacturing in the Eurozone continued to slow in May.
The Eurozone’s manufacturing PMI remained in contraction territory, falling from 47.9 to 47.7.
This was the fourth successive month the index fell. However, the consumer goods sector has registered continuous expansion for five-and-a-half years.
Commenting on the data, Chief Business Economist at IHS Markit, Chris Williamson said:
‘Although the headline PMI fell in May, the decline masked slower rates of decline for both output and new orders. The forward-looking orders-to-inventory ratio also picked up for a second month running to reach a six-month high, the improvement of which augurs well for the downturn to moderate in June.
‘However, trade wars, slumping demand in the auto sector, Brexit and wider geopolitical uncertainty all remained commonly cited risks to the outlook, and all have the potential to derail any stabilisation of the manufacturing sector.’- Euro Exchange Rate news.
