Euro sinks as France and Germany see service sector misses

(Source: Yahoo! Finance)

The euro has sunk against the dollar as composite Eurozone PMI slipped to 46.5 in March from 47.9 in February. Italy and Spain beat their forecasts for service sector PMI, but the bigger players, France and Germany, missed theirs. Recent weeks have seen bad data out of Germany, which has until now been the strong link in Eurozone's economy. There are fears that if Germany falters the rest of the Eurozone will stumble.

Spain: 45.3 versus 44.7 prior, 44.2 predicted.
Italy: 45.5 versus 43.6 prior, 43.5 predicted.
France: 41.3 versus 43.7 prior, 41.9 predicted.
Germany: 50.9 versus 54.7 prior, 51.6 predicted.

PMI tends to correlate well with future GDP, for example there's a neat correlation between the Italian statistics:

Things are looking gloomy for France: