Euro hits new 2-year high above $1.38

October 24, 2013

Risk sentiment was boosted in the Asian session and euro and sterling rose against the dollar, while the safe haven yen weakened.

Data from China eased fears over a slowdown in the world’s second largest economy after the preliminary reading of the HSBC manufacturing index rose to a seven-month high of 50.9 in October. This was more than the expected 50.5 and higher than a final reading of 50.2 in September. 

The euro rallied to a new 2-year high against the dollar, peaking at $1.3806 by the end of the Asian session and moved higher as the European session came around, pushing to $1.3821, up 0.3 percent. 

Euro was higher against the yen, as EURJPY gained 0.37 percent to 134.66.

The yen weakened 0.2 percent against the greenback, with USDJPY rising to 97.54 yen after falling 0.8 percent on Wednesday.

The upbeat China data benefitted the Australian dollar since China is a major trading partner for Australia. The aussie gained 0.5 percent from the Asian open of $0.9621 to end the session at $0.9666.

Looking ahead, focus will be on data from the Eurozone on manufacturing PMI. In the US, data will be relased on jobless claims.

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