• Eurozone Manufacturing PMI dropped to a fresh 22-month low in June.
• EUR/USD trades deep in negative territory near 1.0450. 

Economic activity in the eurozone's manufacturing sector expanded at its weakest pace in 22 months with the S&P Global Manufacturing PMI dropping to 52.1 (final) from 54.6 in May. This print came in slightly better than the market expectation and the flash estimate of 52. 

Assessint the survey findings, "eurozone manufacturing has moved into decline in June, with production dropping for the first time for two years amid a steepening downturn in demand," said Chris Williamson, Chief Business Economist at S&P Global Market Intelligence. "Orders for goods have fallen at an accelerating rate over the past two months, dropping in June in every country surveyed with the exception of the Netherlands, and even here the rate of growth has weakened markedly in recent months."

Market reaction

The EUR/USD pair showed no immediate reaction to this report and was last seen losing 0.35% on the day at 1.0445.