As the EU Economic Summit gets underway, traders appear leery about the value of the region’s staple currency, the euro (EUR). A choppy and chaotic market has reigned over traders today as a series of reports on flash manufacturing and services reveal stagnant growth in both sectors.
The data releases have generated mild scorn as investors who entered mid-week with growing optimism returned to a pessimistic stance and fled back into safe-haven assets. The EUR was seen plummeting against the US dollar (USD), but had sporadic upticks throughout the day as volatility intensified.
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