# Eurozone business activity contracts: Euro tumbles to 2-year lows | Euronews

> The Flash Eurozone Composite PMI fell to 48.1 in November from 50.0 in October, the steepest contraction since January. Services slipped into contraction and manufacturing PMI dropped to 45.2. The euro and bond yields weakened as equities fell.

- Date: 2024-11-22 · published 2024-11-22T12:00:00.000Z
- Category: macro · region Europe · magnitude medium
- Page: https://feedsoft.ai/events/27624-eurozone-business-activity-contracts-euro-tumbles-to-2-year-lows-euronews
- Commodities: [Euro (USD per EUR)](https://feedsoft.ai/c/EURUSD.md)

## Why it matters

Weaker euro zone activity reduces demand for imported feed inputs and pressures the euro, which can support dollar-denominated commodity prices in relative terms.

## Read by commodity

- EURUSD: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| EURUSD | 2016-12-15 | [Euro tumbles to near 14-year low against US dollar](https://feedsoft.ai/events/5966-euro-tumbles-to-near-14-year-low-against-us-dollar.md) | -2.2% | -0.3% |
| EURUSD | 2026-09-29 | [Euro Weakens Further to Over One-Year Low](https://feedsoft.ai/events/17696-euro-weakens-further-to-over-one-year-low.md) | -1.4% | -2.0% |
| EURUSD | 2024-06-11 | [Euro drops to a one-month low; US dollar firms ahead of key inflation test  - The Business Times](https://feedsoft.ai/events/29986-euro-drops-to-a-one-month-low-us-dollar-firms-ahead-of-key-inflation-test-the.md) | -0.3% | +0.7% |
| EURUSD | 2019-08-31 | [Euro hits two-year low amid trade concerns \| The National](https://feedsoft.ai/events/57799-euro-hits-two-year-low-amid-trade-concerns-the-national.md) | +0.6% | -0.8% |
| EURUSD | 2022-07-05 | [Euro slides to 20-year low against the dollar as recession fears build](https://feedsoft.ai/events/10286-euro-slides-to-20-year-low-against-the-dollar-as-recession-fears-build.md) | -3.1% | -1.3% |

## Sources

- euronews.com: https://www.euronews.com/business/2024/11/22/eurozone-business-activity-contracts-euro-tumbles-to-2-year-lows

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.