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November 22, 2024

EUR/USD Plummets Near Two-Year Lows Following PMI Report

The EUR/USD pair has dipped to near two-year lows, falling below 1.0400 as European trading unfolds. The catalyst for this drop is the release of the preliminary HCOB Eurozone Purchasing Managers Index for November. The report revealed a surprising contraction in overall business activity. The Eurozone Composite PMI decreased to 48.1, significantly below economists’ expectations of sustaining the 50.0 mark. This downturn raises questions about the Eurozone’s economic stability and may prompt further analysis from investors and traders. Understanding the implications of this downturn is essential for navigating the currency markets effectively.

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