Wednesday saw the shared currency of the European Union increase in value when held against the U.S. dollar, driven by surprisingly strong euro zone manufacturing news for the month of January, according to Bloomberg.
Analysts considered the uplifting news to serve as another indication about the growing stability of the embattled euro zone's economy. However, the value of the world's reserve currency also fell against 14 of its 16 primary rival currencies, which one researcher attributed to additional reports of strong production as well as news about Greece turning the corner and heading toward an agreement with its private creditors.
"We're getting more unsubstantiated rumors that the Greek deal is just about done. That would be icing on the cake to make sure the risk rally continues," research director Boris Schlossberg with online currency trader GFT Forex in New York told the news service, noting the manufacturing in China and the U.K. also was strong.
January saw euro-region purchasing managers' index for Markit Economics rise from 46.9 in December to 48.8, which pushed higher than the median estimate of 48.7 indicated in a Bloomberg survey.
Chinese production was also unexpectedly higher in January, according to Reuters.
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