Euro Tumbles as Gloomy PMIs Dampens Outlook for Future ECB Hikes

Euro Tumbles as Gloomy PMIs Dampens Outlook for Future ECB Hikes
A woman holds Euro banknotes in this illustration taken on May 30, 2022. Dado Ruvic/Illustration/Reuters
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LONDON—The euro continued its retreat from a more-than-two-week high as disappointing activity data from France and Germany pushed the single currency lower, a day after the European Central Bank highlighted the path for interest rates would be data dependent.

German business activity unexpectedly shrank in July while French manufacturing activity contracted and growth in services slowed, preliminary purchasing managers’ (PMI) surveys showed.