EURUSD : will rise until it hits the port and then turn around a

Most worryingly, economic activity in the euro area continues to decline, with the decline in manufacturing in particular spreading rapidly to the services sector. The Eurozone Purchasing Managers' Index (PMI) fell from 48.6 in July 2023 to 47 in August 2023, the lowest level in three years in the Eurozone. The number of insolvency filings within the EU increased for the sixth consecutive quarter in the second quarter of 2023, reaching the highest level since Eurostat started collecting this data in 2015, according to the European Statistics Office (Eurostat). . The number of companies that ceased operations in 2023 increased by 8.4% compared to the first quarter of 2023. Bankruptcy filings increased in all sectors, but the largest increases were in lodging and food services, transportation and storage, education, and health care. The German economy is ``bringing'' various shadows to the bleak current state of the European economy. Major EU countries experienced 0% GDP growth in the second quarter of 2023 after falling into a technical recession at the beginning of the year. Germany's industry, a key growth driver, has been hit hard in recent months by a drop in exports.