RTTNews - The euro remained range-bound against its lower yielding rivals Wednesday in New York, remaining near recently-reached highs. Global stocks saw weakness on Wednesday, but maintained much of the sharp gains from earlier in the week, leaving risk appeal strong.
Meanwhile, the euro fell against the surging pound as economic data pointed towards a quicker recovery for the UK economy.
The European Central Bank's interest rate decision is due Thursday morning. The ECB is expected to leave rates unchanged, but comments afterward could give hints of future measures to boost the economy.
The euro remained in a range near 1.4000 versus the U.S. dollar. The European currency has been level since reaching a 7 1/2-month high of 1.4444 on Monday.
ADP said U.S. non-farm private employment fell by 371,000 jobs in July following a revised decrease of 463,000 jobs in June. Economists had been expecting a decrease of about 350,000 jobs compared to the loss of 473,000 jobs originally reported for the previous month.
The euro also remained range-bound with the Japanese yen, moving near 136.80. The common currency reached as high as 137.68 earlier this week.
The euro extended its 6 1/2-week low against the British pound, falling to 0.8459. The Bank of England is also expected to leave rates alone tomorrow.
The Office for National Statistics said in a report that manufacturing output grew 0.4% in June from May, while economists were looking for a 0.1% monthly fall after a 0.6% decrease in May.
Meanwhile, the Eurozone's composite output index or composite PMI stood at 47 in July, higher than the flash estimate of 46.8 and 44.6 in June, the latest survey from the Markit Economics showed Wednesday. The latest reading signaled an easing in the rate of contraction for the fifth month in a row and the weakest drop in output since last August, the report said.
Eurozone retail sales declined 2.4% year-over-year in June, compared with a 3% drop in the preceding month, revised from 3.3% fall estimated initially, the Eurostat said today. Economists expected sales to fall 2.2%.
Month-on-month, retail sales were down 0.2% in June, following a 0.5% fall in the preceding month. Economists had expected an increase of 0.3%. Retail sales excluding automotive fuel also declined 0.2%.
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