The euro fell to its lowest level since 2022 against the dollar after the purchasing managers gauge of service providers and manufacturers weakened.

(Bloomberg) — Business activity in the euro area unexpectedly shrank this month, fueling concerns about the prospects for Europe’s economy and suggesting the European Central Bank will need to be more aggressive with interest-rate cuts.

(Bloomberg) — US inflation is proving stubborn while consumer spending shows scant signs of any concerning slowdown, laying the groundwork for a more cautious approach to interest-rate cuts from the Federal Reserve.