EUR flows: Eurozone PMI lowest since November 2023

As expected after the weak French data, the Eurozone composite PMI drops sharply once again and sits at its lowest since November 2023. It is also significantly underperforming the US and Japan, and likely the UK as well (although a drop in the UK PMI would also not be a surprise when it is released at 09:30). Certainly hard to justify any EUR strength in this environment, and European equities are also vulnerable, although so far there has been little impact. EUR/USD and EUR/JPY look likely to extend losses.