Euro Strengthens After PMI Data Suggests Economic Recovery
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The euro rose as economic data showed European services growth improved last month, underpinning speculation that economic recovery in the euro area is gaining traction.
The euro strengthened against all its 16 most actively traded peers after data showed the purchasing managers’ index for euro-region services rose to 54.1 in September from an initial reading of 53.6. Separate reports showed better-than-expected outcomes in both Germany and Italy. The single currency strengthened even as Moody’s Investors Service said it may downgrade Ireland. The yen pared an earlier decline against the dollar.