Euro rises after better-than-expected German business data
LONDON, July 24
LONDON, July 24 (Reuters) - The euro hit a day's high against the dollar on Thursday after data showed German business activity expanding in July, with the services sector growing at its fastest in three years, suggesting the European economy may be regaining momentum.
Markit's preliminary composite Purchasing Managers' Index (PMI) of activity in the manufacturing and services sectors that make up more than two-thirds of the economy came in at a three-month high of 55.9, up from 54.0 in June and well above the 50 mark that separates growth from contraction.
The euro hit a day's high of $1.34695 after the data from $1.3450 beforehand.
Earlier, French PMI data showed business activity rising to 49.4 from 48.1 in June, bringing activity closer to the 50-point mark but still indicating contraction. (Reporting By Jemima Kelly; Editing by Anirban Nag)
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