Investing.com – The euro extended gains against the U.S. dollar on Wednesday, rising to a fresh 8-day high, after industry data showed that manufacturing activity in the euro zone increased for the 11th straight month in August.
EUR/USD hit 1.2801 during European morning trade, the pair’s highest since August 20; the pair subsequently consolidated at 1.2791, soaring 0.87%.
The pair is likely to find support at 1.2587, the low of August 24 and a 6-week low, and resistance at 1.2831, the high of August 20.
Earlier in the day, industry data showed that manufacturing activity in the euro zone increased more-than-expected in August.
In a report, market research group Markit said that its manufacturing purchasing managers’ index increased to a seasonally adjusted 55.1 in August, up from 55.0 in July.
Analysts had expected the index to remain unchanged at 55.0 in August.
On the index, a reading above 50.0 indicates industry expansion, below indicates contraction.
The report showed that manufacturing output increased the most in Germany, France and Austria, while Greece’s manufacturing activity declined further in August.
The euro was also up against the pound, with EUR/GBP gaining 0.66% to hit 0.8317.
Later in the day, the U.S. was to release a report on ADP non-farm employment change, as well as official government data on manufacturing activity.
EUR/USD hit 1.2801 during European morning trade, the pair’s highest since August 20; the pair subsequently consolidated at 1.2791, soaring 0.87%.
The pair is likely to find support at 1.2587, the low of August 24 and a 6-week low, and resistance at 1.2831, the high of August 20.
Earlier in the day, industry data showed that manufacturing activity in the euro zone increased more-than-expected in August.
In a report, market research group Markit said that its manufacturing purchasing managers’ index increased to a seasonally adjusted 55.1 in August, up from 55.0 in July.
Analysts had expected the index to remain unchanged at 55.0 in August.
On the index, a reading above 50.0 indicates industry expansion, below indicates contraction.
The report showed that manufacturing output increased the most in Germany, France and Austria, while Greece’s manufacturing activity declined further in August.
The euro was also up against the pound, with EUR/GBP gaining 0.66% to hit 0.8317.
Later in the day, the U.S. was to release a report on ADP non-farm employment change, as well as official government data on manufacturing activity.