EUR/USD soars on mixed EZ data

EUR/USD soars on mixed EZ data

On Friday, the common currency went up versus its American counterpart, following the publication of mixed euro zone economic reports because demand for the American currency remained vulnerable enough, following the previous session’s dismal American data.

The currency pair EUR/USD reached 1.1188 during European morning trade, which is the highest value since June 19.

For the whole euro zone, in May the composite PMI, including manufacturing as well as service sector activity, went down to 55.7 from 56.8 last month, thus disappointing hopes for a downtick to 56.2.

Meanwhile, the evergreen buck was still under pressure, reacting to Thursday’s report by the US Department of Labor, demonstrating that initial jobless claims by June 17 tacked on by 3,000 to 241,000 from last week’s total of 238,000.

Financial experts actually hoped that jobless claims would ascend by 2,000 to 240,000 the previous week.

The euro dipped versus the British pound, with EUR/GBP losing 0.14% and keeping to 0.8780.

 

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