Euro Rises to 3-Month High Versus Weak Dollar, Helped by Data
Dow Jones
Aug 21
0959 GMT - The euro rises to a three-month high of $1.1711 versus a broadly weaker dollar, LSEG data show. The currency is helped by eurozone purchasing managers' surveys, which point to relative resilience in the face of elevated energy prices. The flash estimate eurozone composite PMI was 52.1 in August, above the consensus forecast of 51.8 in The Wall Street Journal's poll. This could leave the European Central Bank on course to raise rates next month, with money markets pricing a 94% chance of this scenario, LSEG data show. "High natural gas prices remain a concern, but since the eurozone economy seems to be coping with these better now, euro/dollar can focus on the soft dollar story," ING's Chris Turner says in a note.
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