Euro Tops $1.22 for First Time Since 2018 on Recovery Optimism
- Currency rises as manufacturing, services data beat estimates
- ECB hasn’t yet so far pushed back on exchange-rate strength
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The euro rallied above $1.22 for the first time since 2018, advancing for the third day as stronger-than-expected economic data added to optimism the region’s recovery is gaining traction.
Europe’s shared currency climbed as much as 0.5% to $1.2212, a level unseen since April 2018, after a report showed that the euro area’s manufacturing output expanded faster than economists estimated. The services sector contracted less than anticipated. The euro’s strength also reflected broad dollar weakness ahead of the Federal Reserve’s policy decision on Wednesday.