The series of eurozone services PMI data released earlier today reflected the impact of the resurgence in the number of COVID-19 cases in Europe. German’s services sector went from an expansionary level in September to a contractionary level in October. Similarly, French’s services sector deteriorated as well, contracting at a faster pace. And since Germany and France are two of the biggest nations in Europe in terms of economy, their poor performing services sectors have the largest impact on Europe. The contraction of the services sector was largely due to the return of COVID-19 restrictions, thus obstructing business operations.

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By Gim Hong Lee

Gim Hong has been a full-time currency trader for more than 2.5 years, focusing on day and swing trading of major currencies and their crosses. He is a frequent contributor of currency and economic analysis in Forex Trading Asia. Graduated from Columbia University in the City of New York with a bachelor’s degree in applied mathematics and statistics, the nerdy side of Gim Hong enjoys learning about data analysis, machine learning and their applications in currency trading.

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