Euro drops after business activity data, eyes on central banks

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Euro drops after business activity data, eyes on central banks
المملكة العربية السعودية أحدث الأخبار,المملكة العربية السعودية عناوين

The euro slid on Monday after activity data in key economies came in much softer than expected, giving markets a jolt at the start of a week packed with central bank meetings at which investors expect rate hikes in Europe and the United States.

The European common currency fell 0.43% to $1.1076 , skidding after a quiet Asian session after PMI data showed business activity contracted in France and Germany.

There is plenty more for investors to watch this week - the Federal Reserve concludes a meeting on Wednesday, followed by the European Central Bank a day later and the Bank of Japan on Friday, as well as earnings from many heavyweight companies. "The last week left markets believing in a soft-landing scenario for the U.S. markets where the ends its hikes ... and then sees a steady drop in CPI without a recession," said Bob Savage, head of markets strategy at BNY Mellon.

The yen was last a touch firmer on the day with the dollar down 0.28% at 141.45 yen , and the euro down 0.6% at 156.7 yen.

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