February 20, 2014 / 8:15 AM / in 4 years

Poor French data knocks euro against dollar

LONDON, Feb 20 (Reuters) - The euro dipped against the dollar on Thursday after an index of French purchasing managers’ views on the economy came in well below forecast , underlining a still fragile outlook for growth in Europe.

France’s service sector shrank the most in nine months in February, the survey showed, coming in at 46.9 - almost three full points below market forecasts. The headline composite index of manufacturing and services fell to 47.6 from 48.9 in January.

Most banks at the start of this year have been calling for a weakening of the euro against the dollar that has yet to materialise. After the French numbers the single currency fell by around 0.2 percent to a session low of $1.3710.

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