Euro Surges Against Yen on Strong PMI Data

The Euro has seen gains against the Japanese Yen after the release of Purchasing Managers' Index (PMI) data from Germany and the Eurozone. The HCOB Eurozone Composite PMI rebounded into expansion territory in July, rising to 52.0 from June's neutral 50.0 mark.

This signals the first increase in regional business activity since March and the sharpest rate of growth in eight months. The Eurozone Services PMI advanced from 49.4 in June to 51.7 in July, snapping a three-month streak of decline with its fastest growth rate since February.

Germany's Composite PMI also returned to growth for the first time since March, rising to 51.3 in July from 49.5 in June. The Yen has received support from recent Japan policy moves and guidance from the Bank of Japan (BoJ).