The euro gained today for the second day against the US dollar and also rose versus other currencies after the Eurozone Manufacturing PMI unexpectedly increased.
The Markit Purchasing Managers’ Index rose from 53.7 in September to 54.1 in October. The expected valued was 53.2. The improving manufacturing caused the speculation that the euro isn’t overvalued and that the strong currency wouldn’t harm the region’s economic recovery.
EUR/USD rose from 1.3963 to 1.4022 as of 10:32 GMT after it fell as low as 1.3872.
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