LONDON, July 24 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
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)