The common currency of the European Union fell for a second-straight day on Wednesday after manufacturing and services in the euro zone fell during the month of October, according to Bloomberg.
Debt-hobbled Spain not soliciting bailout aid for its troubled banks also continues to burden the monetary unit. But a survey released by the Ifo institute in Munich, Germany, indicated business sentiment has fallen to its lowest in more than two years in the nation hosting the euro zone's largest economy. The shared currency fell against most of its top rival currencies.
"We would see a bit more downside in the near term for the euro," strategist Imre Speizer with Westpac Banking Corp. in Auckland told the news source. "Economic numbers are hurting the euro and the lack of a Spanish bailout is also hurting."
Germany's manufacturing and service sectors' activity dropped for a sixth straight month in October, Reuters reports. Preoccupations are growing about the sovereign debt scourge's damaging tendencies during the second half of the year, according to Reuters.
The Composite Purchasing Managers' Index for October indicated the euro zone is driving toward a deep recession as activity slumps to its lowest since the middle of 2009, Reuters reports.
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