Investing.com - " The euro eased off highs against the dollar on
Thursday after data showed that manufacturing activity in the euro
zone expanded at a slower than expected rate in October, indicating
that the recovery remains sluggish.
EUR/USD pulled back from 1.3821, the highest since November 2011,
the pair subsequently consolidated at 1.3787, still up 0.08% for
The pair was likely to find support at 1.3740 and resistance at
The preliminary reading of the euro zone's manufacturing purchasing
managers' index ticked up to 51.3 in October from a final reading
of 51.1 in September, slightly below expectations for a reading of
The euro zone services PMI fell to 50.9 this month from 52.2 in
Germany's manufacturing PMI edged up to 51.5 from a final reading
of 51.1 in September, but the services PMI declined to a
three-month low of 52.3.
Manufacturing and service sector activity in France declined
unexpectedly this month.
The single currency rose to fresh 23-month highs against the dollar
earlier after data showed that manufacturing activity in China
expanded at the fastest rate in seven months in October.
The data offset fears over the Chinese economy, a day after market
sentiment was hit by concerns that China's central bank would
tighten monetary policy to help control inflation.
The dollar remained under pressure after data earlier in the week
showing that U.S. jobs growth slowed in September cemented
expectations that the Federal Reserve would continue the current
pace of its asset purchase program well into next year.
Elsewhere, the euro slid lower against pound, with EUR/GBP slipping
0.12% to 0.8511 and was almost unchanged against the yen, with
EUR/JPY edging up 0.01% to 134.21 after rising as high as 134.76
Investors were looking ahead to U.S. data on initial jobless
claims, the trade balance and new home sales later in the trading
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