Euro-Zone PMIs Weaker Than Expected In July

Forex News Private sector activity in the euro zone was weaker than expected in July, as the purchasing managers' index for the currency bloc was 47.8 compared with 49.3 a month earlier. A level above 50 signals an expansion in activity, while a level below 50 signals a contraction. July's reading is below forecasts for 48.7, and suggests growth at the start of 3Q is set to be slow. The manufacturing PMI was weaker than expected at 47.5 in July after 49.2 in June. It was forecast at 48.7. Service sector activity also weakened to 48.3 in July from 49.1 in June. It was expected to be 48.5.