Eurozone Composite PMI rises to 52.0 in July, marking the first expansion in business activity since March and boosting the EUR.
EUR/JPY traded near 182.00 in European hours Wednesday, extending gains after the Eurozone Composite PMI jumped to 52.0 in July from June’s 50.0. The rise signals the first expansion in regional business activity since March and the sharpest growth in eight months.
The Eurozone Services PMI surged to 51.7 from 49.4, ending a three-month contraction, while Germany’s Composite PMI returned to growth at 51.3. Germany’s Services PMI, though still below 50.0, improved to 49.8, its mildest decline since April.
Support for the Yen stems from recent policy moves and Bank of Japan guidance, though the EUR’s strength outweighed these factors.