© Reuters. The euro rises after disappointing US economic data
Frankfurt (Germany), Nov 23 (.).- The euro rose strongly this Wednesday, to its maximum value against the dollar for five days, after the publication of worse-than-expected US economic data.
The euro was trading around 4:00 p.m. GMT at $1.0370, up from $1.0275 in the final hours of European currency market trading the previous day.
The European Central Bank (ECB) set the reference exchange rate for the euro at $1.0325.
Activity in the US manufacturing and service sectors contracted sharply in November, according to S&P Global.
The dollar fell sharply after the data was released and the euro shot up to its intraday high.
In addition, applications for unemployment benefits increased in the US last week by 17,000, up to 240,000 applications, more than expected.
Consumer confidence in the US worsened in November, but less than expected, while new home sales rose in October, despite an expected decline.
However, the euro zone’s economic contraction moderates in November and price pressures ease, according to S&P Global.
The flash of the composite index of total activity in the euro area, in the services and manufacturing sectors, stood at 47.8 points in November (47.3 points in October), registering its maximum in the last two months.
The single currency was exchanged in a fluctuation band between 1.0298 and 1.0371 dollars.