Euro Has Increased After Strong Eurozone Manufacturing PMI Data
The euro rose after the release of economic data from Germany and the Eurozone. The euro/dollar pair is trading at 1.1170.
Eurozone Manufacturing PMI rose to 57.3 in June. Economists had expected a decline to 56.9. The index reached a 74-month high in June. German Manufacturing PMI fell to 59.3 in May, exceeding the forecast of 59.1.
At its meeting last week, the US Federal Reserve said it would cut its balance in the near future. The Fed's balance sheet increased to $4.5 trillion after the financial crisis of 2008, when the bank began to stimulate the purchase of bonds to stimulate the economy.