Eurozone investor confidence surged to positive territory in August for the first time since February, bolstering the Euro against a weaker USD.
The Euro climbed against the US Dollar, with EUR/USD trading near 1.1560, just below a seven-week high of 1.1773. A softer Greenback, driven by fading expectations of a September Fed rate hike, supported the move.
Sentix data showed Eurozone investor confidence improved to 0.9 in August, up from -3.1 in July and -13.4 in June. The current economic conditions sub-index rose 6.8 points, while expectations gained 1.0. German economic sentiment also hit a six-month high.
Weaker-than-expected US jobs data further reduced Fed rate hike bets, offsetting concerns over rising oil prices and geopolitical tensions in the Strait of Hormuz.