The common currency Euro slipped to a 1-week trough against the US Dollar after the latest economic data from the Eurozone raised concerns that the Eurozone economy is struggling for traction. The manufacturing sector in Germany continues to shrink according to the Markit PMI surveys, with April's reading coming in at 44.5, slightly better than the previous reading but unexpectedly weak. France, too, saw its manufacturing sector reading fall, this time to 49.6 against expectations of a rise to 50.0. Germany and France are the top two economic drivers in the Eurozone, and their weakness impacts the Euro-area as a whole. Indeed, the Eurozone's manufacturing PMI came in at 47.8, below the expected 47.9 reading. Only a week ago, the head of the European Central Bank, Mario Draghi, had said that monetary policy might need to be modified if it appears that the Euro area was continuing to flounder.

As reported at 11:15 am (GMT) in London, the EUR/USD was trading lower at $1.1252, down 0.3939% and off the session trough of $1.12432 while the high was recorded at $1..13041. The EUR/GBP was trading at 0.8652 Pence, down 0.14%; the pair has ranged from a low of 0.86353 Pence to a peak of 0.86664 Pence.

Quiet Trading Days Ahead

With the exception of the United States, most financial markets will be closed tomorrow and Monday for the Easter holiday celebrations. A number of reports on the US Housing Market will be coming out tomorrow which could showcase the health of that important US market. Improving weather conditions in the US may have helped to boost those figures out from previous readings.