EUR/USD Hits Three-Month High on Euro Area Business Boom
The EUR/USD pair has hit a three-month high as the European economy shows signs of improvement. The composite Purchasing Managers' Index (PMI) rose to 52.1 in August, up from June's 52 and hitting a nine-month high. This data points to an uptrend in business activity across the Euro area.
The steady gains in European stocks are also contributing to the positive sentiment for the single currency. A sharp decline in crude prices has boosted risk appetite, which is favorable for the EUR/USD pair. However, the market mood remains choppy, and the pair is currently trading at 1.1678, down 0.05% on the day.
Despite the slight decline, the EUR/INR futures closed at 111.62, down 0.38% yesterday as the Indian rupee firmed up against major currencies after recent losses.