Germany’s PMI in December was reconsidered from 52.7 down to 52.4. However, the news from Italy is of bigger concern to investors. Italy’s Services PMI dropped from 45.8 down to 44.5 in November. European economists underline that the latest data indicate a decline in Q4 2011.
In the meantime, Jean-Claude Juncker, President of the Euro Group, says a return to Drachma is not a way out for Greece. According to him, 2012 will be a decisive year for the eurozone.
Angela Merkel is planning to meet with the new Prime Minister of Italy Mario Ponti next week.
According to the experts of , the bears have managed to break below 1.2900. The futures broke below 1.2850, thus making a new local low.
At this point, the EUR futures contract is being traded around the support. Judging by the reverse upthrust at increased volume, the price will face an obstacle here. On breaking and consolidating below 1.2850, there is possibility of making a new low.
