The euro bounced back from its previous losses after the release of France and Germany’s manufacturing data on Thursday.
The euro edged 0.10% lower to $1.3424 at the time of writing. The German PMI dragged the currency back from its losses and traded around $1.35 earlier this week.
The German manufacturing sector expanded in November, advancing above the 50-level for the fifth month in a row, a preliminary data released on Thursday confirmed. Germany’s services sector expanded for the sixth straight month.
The flash Purchasing Managers’ Index (PMI) for Germany’s manufacturing sector advanced to 52.5 points in November, up from a final reading of 51.7 seen in the previous month, data from Markit Economics confirmed. Flash reading in the services sector rose to 54.5 in November, picking up from 52.9 seen in October.
Meanwhile in France, the manufacturing and services sector recorded a drop in November, with the flash Purchasing Managers’ Index (PMI) coming in at 47.8 and 48.8 respectively, according to data compiled by Markit Economics.
The manufacturing sector recorded a six-month low, while the services sector marked a four-month low.
The Federal Open Market Committee (FOMC) official minutes showed that the Fed policymakers were looking for a way to lower or end its bond-buying program in the future.
Senior Fed member and St Louis Fed Chief James Bullard said that the Federal Reserve could reduce its asset purchases at its December meeting scheduled to take place from December 17-18; if the Federal Reserve (Fed) sees an upbeat data from the jobs sector in November.
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