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The euro strengthened against its lower-yielding rivals on Tuesday in New York as global stocks moved into positive territory. Equities improved as concerns over the Dubai credit situation eased.
On the economic front, manufacturing activity in the Eurozone expanded for a second month in November, while the unemployment rate stabilized at an 11-year high in October, as the economy of sixteen nations emerged from recession in the third quarter.
Germany's manufacturing sector improved further in November and above the flash estimate, the BME/Markit Economics said on Tuesday.
The euro reached a five-day high against the dollar and approached the 15-month best reached last week. The European currency reached as high as 1.5116, compared to the mark of 1.4143 last Wednesday.
The euro dropped off of a five-week high versus the British pound, moving near 0.9080. The European currency moved near 0.9150 yesterday.
The euro was range-bound against the Japanese yen near a multi-day high close to the 130.75 mark. The European currency hit a seven-month low of 126.87 late last week.
In the Eurozone, the final purchasing managers' index for the Eurozone manufacturing sector rose to a 20-month high of 51.2 in November from 50.7 in October and above the flash estimate of 51, survey data released by the Markit Economics showed Tuesday. A PMI reading above 50 suggests expansion in the sector. The manufacturing PMI has now posted a reading above the neutral 50 mark for two successive months.
The seasonally adjusted manufacturing Purchasing Managers' Index or PMI increased to 52.4 in November from 51 in October. The PMI reading in November was revised up from 52 reported initially. Economists were looking for a reading of 52.
ING bank said in a note on Monday that the European Central Bank is expected to start a gradual exit from stimulus measures on Thursday, when its Governing Council is set to review the monetary policy.
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