Euro slumps below $1.32 after weak February PMI
FRANKFURT (MarketWatch) — The euro on Thursday tumbled to a six-week low versus the dollar below .32 after a weaker-than-expected round of national and euro-zone purchasing-managers’ index, or PMI, readings for February came in weaker than expected, signaling the region may not pull out of recession until at least the third quarter of this year. The euro traded at .3191 in recent action, down from .3276 in North American trade late Wednesday. The Markit preliminary euro-zone PMI for February fell to a two-month low of 47.3 from a January reading of 48.6. A reading of less than 50 signals a contraction in business activity. Economists had forecast a reading of 48.5.
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