Euro Reaches Three-Month High as Treasury Buybacks Weaken Dollar

The EUR/USD pair reached its highest level in over three months, trading at 1.1710 on Friday, up 0.21% from the previous session and more than 1% for the week.

This move comes as a result of several factors, including the Treasury's decision to double bond buybacks, which pulled cash out of the Treasury General Account and into the private system, increasing dollar supply and weakening the currency.

The eurozone composite PMI also rose to 52.1 in August, a nine-month high, driven by manufacturing growth at a four-and-a-half year high of 52.8.