The EUR/USD currency pair started a robust increase after the August PMI reports for Germany and the Euro zone came in. The Markit report were published simultaneously with the ECB President’s Mario Draghi speech, which together with better-than-expected Germany’s data caused a 19 base points gain in the European single currency against the Greenback, while the following report for the EZ confirmed the upmove above the 1.1762 mark.
Markit showed that the German Flash Services PMI matched estimates with a 53.4 rate, while the Manufacturing Index rose to 59.4, despite expectations for a decline in August. Data are set to diminish concerns about the stronger Euro capable of affecting manufacturing growth.
