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Germany's flash manufacturing PMI fell to 43.3 in July, well below forecasts for 45.3, while services PMI was also below forecasts at 49.7. The data followed French manufacturing PMI which was also well below forecasts.
The euro fell to around $1.2104 from $1.2121 before the data, coming close to the day's low at $1.2103.
More falls would see it target Monday's two-year low of $1.2067.