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The latest report from Brussels revealed that the manufacturing purchasing managers index (PMI) came in at 50.1 in July, which being above 50.0 means that the sector expanded. Analysts had predicted a level of 49.1, but instead it reached an 18-month high. Traders bought the euro on the back of this as they viewed it as a step in the right direction for the region.
Later on today, at 2pm, the US will announce its manufacturing PMI, as well as new home sales at 3pm (London times), which will both give us an indication of how strong the economy is. Recently Ben Bernanke of the Federal Reserve stated that there is no timeline to quantitative easing, so if the reports come in below expectations we could see the euro rally versus the dollar.