Euro retreats slightly after poor French PMI data

<p>EUR/USD is down from 1.0996 to 1.0970 currently with EUR/GBP also easing from 0.8608 to 0.8595 at the moment. This follows the poor French PMI data <a href="https://www.forexlive.com/news/france-december-flash-services-pmi-443-vs-460-expected-20231215/" target="_blank" rel="follow">here</a>, with services activity slumping to a 37-month low and manufacturing output also sliding to a 43-month low. The only positive perhaps is that there is some cooling inflation pressures overall, even if input costs continue to be driven higher by service providers on the month.</p><p>It pits France into a technical recession to wrap up the year and if economic prospects don't improve early next year, expect the ECB rate cut chorus to grow louder in the months ahead.</p>

This article was written by Justin Low at www.forexlive.com.