Solid Eurozone PMI Report Boosts Euro
Euro rose against the dollar Wednesday after a positive report on eurozone business activity pointed to recovery momentum in the single-currency economy.
Markit Economics said its Eurozone Composite Purchasing Managers Index for April, a leading indicator of manufacturing and services activity, jumped to 54 points from 53.1 in March, the highest PMI reading since May 2011.
"The eurozone has started the second quarter on a solid footing," said Markit chief economist Chris Williamson.
The euro climbed to $1.3816 at 2100 GMT, up from $1.3804 late Tuesday.
The dollar was mixed against other major currencies, as U.S. equities snapped the S&P 500's six-day winning streak despite some better-than-expected company earnings reports.
The report of U.S. new-home sales unexpectedly plunging 14.5 percent in March from February reinforced the picture of a weakening housing market.
"Uncertainty about the underlying trend of the housing recovery remains elevated following subsequent shocks from higher mortgage rates and worsening affordability last year and adverse weather more recently," said Michael Gapen of Barclays Research.
Source: Agence France Presse
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