Euro Falls As German PMI Hits 16-Month Low; Eurozone PMI Due

The euro weakened against the other major currencies in the European session on Thursday after data showed that Germany's private sector activity expanded at the slowest pace since July last year.

Data from Markit Economics showed that The composite output index fell to 52.1 in November from 53.9 in October. The activity expanded for 19 consecutive months but it was the slowest expansion in 16 months.

Output growth slowed at both manufacturers and service providers. The services Purchasing Managers' Index dropped unexpectedly to 52.1 from 54.4 a month ago. The score was forecast to rise to 54.5.

Likewise, the PMI for manufacturing fell to 50 from 51.4 in October, while it was expected to improve to 51.5.

Against the U.S. dollar, the euro slipped to a 2-day low of 1.2053 from an early high of 1.2574.

The euro edged down to 1.2010 against the Swiss franc around 3:30 am ET.

Against the yen, the euro fell to 148.43 from a multi-year high of 149.13.

The euro edged down to 0.7993 against the pound from an early high of 0.8026.

At 4:00 am ET , Markit Economics will release the results of its November preliminary private sector activity for eurozone. The flash manufacturing PMI is expected to edge up to 50.8 in November from 50.6 in October. The flash services PMI is forecast to inch up to 52.4 from 52.3 in the previous month and the composite PMI i