The euro continued to rise on Tuesday, climbing nearer the closely
watched $1.40 level after purchasing managers indexes for the euro zone
confirmed the region's economy is recovering. The shared currency
EURUSD
+0.1832%
traded at $1.3791, up from $1.3777 late Monday. The gain came as the
euro-zone manufacturing PMI for March was confirmed at 53, lower than
than the 53.2 in February, but with the average reading for the first
quarter reaching the best outcome since the second quarter of 2011.
France's factory sector sprang back to life in March, with the PMI for
the sector jumping to a 33-month high of 52.1, up from 49.7 in February.
The euro has gained more than 7% against the dollar over the past 12
months, and the strength in the currency has been seen as adding more
pressure on the European Central Bank to loosen monetary policy.
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