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 here, 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.
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.