3rd January 2012
The euro has shown a positive start to trading today (January 3rd) after stronger-than-expected manufacturing data coming out of China helped to improve investor confidence.
According to Reuters, the euro rose by 0.3 per cent to $1.2983 by 08:47 GMT, although fears over the continuing high levels of sovereign debt and instability in financial markets is predicted to push down the currency as the month progresses.
"There's a little bit of optimism in the markets after upside surprises on the Chinese data front and also German manufacturing PMI was slightly better than expected yesterday," Manuel Oliveri, currency strategist at UBS in Zurich, told Reuters.
However, he added many investors are now taking the stance that any rally in the euro should be sold into.
This latest development follows reports by the news provider at the end of last month that the single currency had dipped to a ten-year low against both the Japanese yen and US dollar.
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