16th December 2013
The euro has climbed to a session-high against the dollar following the release of the latest eurozone purchasing managers' index (PMI).
According to the composite index compiled by Markit, activity across the region advanced to a three month high of 52.1 in December. This is up from 51.7 in the previous month.
The manufacturing PMI rose to its strongest level in 31 months, reaching 52.7 - up from 51.6 in November and ahead of expectations for a reading of 51.9.
However, the services PMI recorded a decline, inching down to 51.0 from 51.2 in the previous month. A slight increase to 51.5 had been anticipated.
Despite the positive data, the European single-currency's gains against the dollar in forex trading markets have been limited ahead of the Federal Reserve's two-day policy meeting, which begins tomorrow.
Speculation has been mounting that the US central bank will reduce its monetary stimulus, tapering its asset purchases from their current total of $85 billion per month.
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