Covid-19 lockdowns bring the slowing Eurozone economy to halt, especially for France. Eurozone Composite PMI was 50 last month which is the contraction limit. After that, nearly all of Europe entered the lockdowns. Now Eurozone’s weak PMI numbers are 45.1 and 39.9 in France which is both below expectations. Big recession is most likely on the way with the signals of the Eurozone’s weak PMI numbers.
The last few days France and UK talked about ending lockdowns before Christmas but the ongoing Covid-19 situation and incoming winter may have a say in this.
EURUSD is ignoring this data for now pricing steady just below 1.1890 resistance and waiting for Wednesday’s FOMC meeting minutes.