Tuesday, 2 July 2013 - 06:27
Manufacturing Data Improves Euro
Eurozone manufacturing data boosts euro when it rose higher than anticipated. Euro’s exchanged rate went up against the US dollar and other main currencies, based on a report by skynews.com.au. Emilian Robert Vicol/flickr On Monday, the Japanese yen dropped even with the similar manufacturing increase. The euro climbed to $US1.3061 at 9pm GMT in contrast to $US1.3013 on Friday. It went up to 130.17 yen from 128.99. The Markit Eurozone Composite Purchasing Managers Index, a survey that enables manufacturers to check their production processes, rose to 48.8 last month from 48.3 in May. Ireland displayed improvements while Spain was steady. The rates of reduction were relieved in Austria, Italy, Greece, France, and the Netherlands. 'Strong improvements in Spain, Italy and France more than offset a mild German setback as exporters there struggle with weakness in China and competition from Japan,' said Berenberg Bank Economist Christian Schulz. New manufacturing sector surveys in Japan and the US were also optimistic however notably unsuccessful in improving their own currencies.