Euro Holds Near Seven-Week Highs Despite Moderate Losses

The Euro (EUR) held near seven-week highs on Monday, trading at 1.1525 against the US Dollar (USD), despite some moderate losses earlier in the day.

The currency's resilience is attributed to a downwardly revised Eurozone Manufacturing PMI figure for July, which came in at 51.9 compared to the initial estimate of 52.0.

This slight revision still indicates a moderate expansion of factory activity in the region, with Spain and Italy showing modest growth, but falling short of market expectations.

German Manufacturing PMI, on the other hand, showed a significant improvement, while French manufacturing activity contracted as anticipated.