Euro Dives On Horrible European Economic Data

chartEUR / USD

Photo: FinViz

Hours after we got disappointing PMI numbers from China, the eurozone released it’s own set of disappointing PMI numbers.The composite Markit eurozone PMI number fell to 48.7 in March from 49.3 in February.

Economists were hoping for the number to increase to 49.6.

Among the worst components of the number was Germany’s manufacturing PMI, which fell to 48.1.  Economists were looking for 51.

A reading below 50 signals contraction.

“The euro-zone economy contracted at a faster rate in March, suggesting that the region has fallen back into recession, with output now having fallen in both the final quarter of last year and the first quarter of 2012,” said Markit’s Chris Williamson (via MarketWatch).

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