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The euro was treading water versus major counterparts on Monday after suffering brutal losses in January.
Crippled by debt problems facing Greece and Portugal and speculation the economic recovery in the EU will continue to lag behind the rest of the world, the euro recently dropped to multi-month lows against the dollar and yen.
Relatively encouraging manufacturing numbers from around the world helped give the euro some support on Monday, with traders expressing a bit of renewed interest in riskier, higher-yielding currencies.
Still, the euro remained within a penny of its 6-month lows versus the dollar, even while making a bigger dent against the yen.
The euro drifted slightly higher to 1.3925 versus the dollar, up from 1.3852, its lowest level since last summer. Over the past three weeks, the euro lost more than 7 cents.
Against the yen, the euro rose to Y126.40, an improvement from yesterday's 9-month low of Y124.54.
Meanwhile, the euro stayed away from a multi-month low of .8601 versus the sterling, rising to .8735.
While the jobs situation remains murky in the US and EU, today's manufacturing data provided some hope that recovery efforts are sustainable.
Eurozone's manufacturing Purchasing Managers' Index stood at a seasonally adjusted 52.4 in January from 51.6 in December, the Markit Economics said on Monday. This was the highest reading for two years.
US Manufacturing activity grew for the sixth consecutive month in January, with the index of activity in the sector rising by much more than expected to reach its highest level in over five years, industry data revealed Monday.
The Institute for Supply Management said its index of activity in the manufacturing sector jumped to 58.4 in January from 54.9 in December, with a reading above 50 indicating growth in the sector. The increase by the index exceeded the expectations of economists, who had forecast the index a reading of 55.5.
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