The euro was trading close to a
three-week high against the U.S. dollar on Thursday, as improved manufacturing
data from China and the euro zone and hopes for a deal on an aid payment for
Greece supported demand for the single currency.
After the data of German
Flash Manufacturing PMI were released the single currency found support.
Germany’s
manufacturing purchasing managers’ index rose to 46.8 in November, up from 46.0
in October and better than forecasts for a reading of 45.9. Germany’s services
PMI came in at 48.0, below expectations for a reading of 48.5. The euro zone’s
manufacturing PMI rose to 46.2 this month from 45.4 in October, above
expectations for a reading of 45.6. The euro zone’s services PMI declined to
45.7, from 46.0 in October, compared to expectations for a reading of
46.1.
The
euro was also supported after German Chancellor Angela Merkel said an agreement
to unlock a delayed bailout installment for Greece was still possible when euro
zone finance ministers resume talks on Monday. Today Spain successful auctioned
EUR3.38 billion of three and five-year bonds at lower yields than previously,
easing pressure on Madrid to seek a bailout.
The data came after a report earlier showed that China’s preliminary HSBC
manufacturing PMI rose to 50.4 in November, up from a final reading of 49.5 in
October. The data eased concerns over a slowdown in the world’s largest
economy.
Trade volumes are expected to remain low on
Thursday, with US markets closed for the Thanksgiving holiday.
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