May 23, 2018 / 7:50 AM / a year ago

Euro falls, bond yields drop after German PMI hits 20-month low

LONDON, May 23 (Reuters) - The euro fell to a six-month low on Wednesday after growth in Germany’s private sector slowed in May to its lowest in more than 1-1/2 years, a survey showed, raising concerns that a slowdown in Europe’s biggest economy in recent months was more widespread than previously thought.

The single currency slumped more than half a percent to $1.1701 after IHS Markit’s flash composite Purchasing Managers’ Index (PMI), which tracks the manufacturing and services sectors, fell to 53.1 from 54.6 in the prior month.

Germany’s 10-year government bond yield fell to a 5-week low after the data, falling to 0.516 percent. It was last down 4 basis points on the day. (Reporting by Saikat Chatterjee and Dhara Ranasinghe; Editing by Tom Finn)

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