Contraction, contraction, contraction...
If the euro needs a reason to get off the floor today, economic data certainly isn't one. The compilation of manufacturing readings in the region today all but reaffirms that the sector is basically displaying recession-like symptoms right now and that bodes ill for the economic outlook as we begin Q3.
The risk in the coming months is that this could all potentially spill over into the services sector and that's when we may really start talking about heightened risks of a recession.
