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The Euro-zone economy remained close to stagnation at the start of the fourth quarter, showed the latest survey from IHS/Markit research this Thursday.
The Euro-zone manufacturing purchasing managers index (PMI) held steady near the 83-month low level of 45.7 in October as compared to a modest uptick to 46.0 expected. Meanwhile, the services PMI came in at 51.8, up from 51.6 recorded in the previous month but missed market expectations pointing to a reading of 51.9.
The IHS Markit Euro-zone PMI Composite ticked higher from 50.1 in September to 50.2 in October, slightly below 50.3 expected.
The EUR/USD pair reversed all of its early gains to levels beyond mid-1.1100s and has now dropped to the lower end of its daily trading range, albeit further downside is likely to remain limited ahead of the latest ECB monetary policy decision.