The European currency was supported by the publication of economic data which unexpectedly posted an encouraging reading in March.
French business and manufacturing activity was seen stronger than expected in March, although tighter sanctions continued to impact the overall economic situation.
While in Germany, Europe’s largest economy, manufacturing activity in Germany soared higher, supported by rising output and increased sales to Asia (particularly China), Europe and the United States.
Business activity again showed expansion in March, with the data signaling a better -than -expected outlook for economic performance in the first quarter.
Overall, economic activity in the European Zone continued to show a recovery, with business activity for the first time showing growth in 6 months.
Following data readings that exceeded market expectations, the euro rose slightly after plunging lower against the strong US dollar.
Meanwhile, the market was also seen with the release of data from the UK which beat market expectations by rising higher in March.
Business activity in the UK, returned to expansion and increased at a faster pace in the last 7 months while manufacturing activity continued to show an increase.
The pound returned to trade above 1.37000 against the US dollar following the publication of the data.
