Common currency takes breather after soar

Common currency takes breather after soar

On Wednesday, the common currency tumbled to take a breather from a soar underpinned by optimism over the euro zone's economy as well as hopes that the European Central Bank is going to wind down its bond-buying stimulus this year.

The common currency dived 0.1% hitting $1.2048. On Tuesday, the euro reached a four-month maximum of $1.2081, thus marking a profit of approximately 3% from a mid-December sag and also bringing it close to a September maximum of $1.2092, which is the euro’s highest value since early 2015.

It was spurred by reports showing euro zone manufacturers concluded 2017 by increasing activity at the fastest tempo for more than two decades because soaring demand suggested they are going to start 2018 on a high note.

The common currency was also underpinned by hopes for a shift in ECB monetary policy in 2018.

Versus a basket of six key currencies the US dollar index was intact, sticking to 91.902, having ascended from Tuesday's 3-1/2 month dip of 91.751.

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