1st February 2012
The announcement of positive data in the latest Purchasing Managers' Index (PMI) survey has served to help boost the euro in forex trading this afternoon (February 1st).
Factory output in a number of major European economies was revised upwards today, with Germany leading the way. Furthermore, positive news regarding a strong uptake for Portuguese debt in the latest round of bond auctions also served to raise the euro.
"There would be an initial positive response from a PMI agreement ... but PMI is just one step along the way of being able to put the Greek package into place," said Ian Stannard, head of European FX strategy at Morgan Stanley.
So far today, the euro has gained 0.8 per cent against the US dollar to stand at $1.3184, rising from an earlier low of $1.3026.
Yesterday was a torrid day for the greenback, with the currency losing against many of its major rivals, including the euro, GB sterling and the Japanese yen.
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