Investors in the European session were exposed to mixed readings of economic data from the European Zone and the UK in October.
The services sector in the European Zone continued to show slower momentum this month, with its lowest record in six months at 54.7 from 56.4 recorded previously.
Poor performance in service activities was recorded for travel, tourism and recreation, reflecting concerns over the Covid-19 outbreak.
Meanwhile, growth in the manufacturing sector slowed slightly but was better than expected with an increase of 58.5 in October from 58.6 recorded in the previous month.
This figure shows the slowest growth in manufacturing activity in 8 months, influenced by weak production due to supply shortages and transportation problems.
The initial reaction from the euro showed it was unimpressed by showing a slight increase at 1.1640 aided by the depreciation of the US dollar.
Meanwhile, investors also saw economic data readings from the UK showing both the manufacturing and services sectors rose in October, rising 57.7 and 58.0 respectively.
Although the services sector showed a recovery but there was a significant decline in manufacturing output amid the problem of supply shortages.
The pound rose following this encouraging reading, but gloom in UK retail sales data dampened the currency’s rise even higher.
