The 17-nation currency euro made a slight rise against the US dollar on Monday, as the German PMI reports showed that the PMI in services from the country grew lesser than forecasted in July. While the currency is pushed by the disappointing US jobs data released on Friday.
Euro rose 0.08% to $1.3292 against the greenback as of 8:01am GMT, while it declined 0.46% to ¥130.74 against the yen at the same time. The German final services Purchasing Managers’ Index (PMI) remained at 51.3 in the month of July. The German’s PMI was expected to advance to 52.5.
The final services PMI for Spain made a slight rise from previous record of 47.8 in June to 48.5 in July. While the Italian services PMI advanced to 48.7 in July, from previous record of 45.8 in June, according to reports from the Markit Economics.
In France, the services Purchasing Managers’ Index (PMI) edged up to 48.6 in July from previous record of 47.2 in June. The service sector activity advanced to the highest in 11 months in the month of July.
The below-forecasted US jobs data showed that it’s most likely that the Federal Reserve’s won’t begin to taper its quantitative easing program anytime soon.
The unemployment rate fell by 0.2% to 7.4%, slightly below the estimated record of 7.5%.
On Wednesday, the US central bank concluded after the two-day policy meeting that the key rate would remain the same at 0.25% and would continue its $85 billion monthly asset purchases.
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