Latest data released by Markit - 23 November 2018
Similar to the German reading, the composite print is the lowest in almost four years as the reading comes in at 52.4 - the weakest since December 2014. Meanwhile, the services print is the weakest since October 2016 while the manufacturing print is the weakest since May 2016.
This continues to beg the question, when is the sluggish growth going to show signs of a recovery? The ECB and European officials have been talking about a temporary slide for the last nine months and yet there's not any convincing signs of a turnaround. This won't make it easy for Draghi and co. to communicate a confident message to tighten policy next year.
The poor reading here mainly reflects that of the poor German one earlier. EUR/USD sits near the lows still at 1.1370 while EUR/GBP holds near flat levels at 0.8858. EUR/JPY is down near the lows as well at 128.36 currently.
