Investors at the opening of the European session were presented with the publication of manufacturing and services PMI data from the European Zone and the UK for November.
Weakness in German economic activity eased slightly this month, with the manufacturing and services sectors posting better-than-expected readings despite being under contraction.
Meanwhile in France, readings were mixed with the manufacturing sector slipping below contraction levels, while manufacturing activity was better than expected.
Overall, declines in the European Zone moderated slightly this month amid reduced price pressures. However, business sentiment remains gloomy and demand conditions remain weak.
Looking at the data published in the UK, both the manufacturing and services sectors showed no change from the previous month's record, which was better than expected to decline.
This left UK economic activity at its weakest in 21 months in October amid growing signs of a recession as orders slumped and job market growth began to slow.
The initial reaction of European currencies showed the pound traded higher while the euro slipped slightly following the release of the data.
