The common currency of the European Union pushed ahead on Monday against the world's reserve currency after the release of economic data regarding strong business activity in the euro zone, according to Reuters.
The euro also climbed as a consequence of stubborn questions about the prospects of tapering monetary stimulus measures by the U.S. Federal Reserve. The body is convening two days of policy meetings this week – on Tuesday and Wednesday – as speculation mounts about whether the Fed will slash stimulus by the end of the year. Manufacturing in the euro zone drove to its highest level in 31 months in December, Bloomberg reports.
"It could be this Wednesday," asset allocation director Trevor Greetham with Fidelity Worldwide Investments in London told the news source on Monday. "The Fed keeps saying tapering isn't tightening. They're letting up on the accelerator, not braking."
The 17-nation monetary unit pushed ahead roughly 0.3 percent on Monday against the greenback.
Despite the release of stronger economic data as of late, the U.S. Federal Reserve is unlikely to reduce the stimulus program, according to Reuters.
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