The euro appreciated vis-à-vis the U.S. dollar today as the single currency tested offers around the US$ 1.4860 level and was supported around the US$ 1.4790 level. The common currency reached its strongest level since 1 February as traders sold U.S. dollars ahead of the weekend. Data released in the eurozone today saw EMU-13 December industrial orders fall 3.6% m/m with annualized growth around 2.1%, much weaker-than-expected. In contrast, the EMU-15 January composite Purchasing Managers Index improved to 52.7 from 51.8 in January, primarily on account of growth in the services sector. Notably, manufacturing PMI weakened marginally to 52.3 from 52.8 in January. European Central Bank member Gonzalez-Paramo reported We still see solid fundamentals to growth, with high growth in employment and corporate profits, though, it's true, with downside risks. ECB member Orphanides said We clearly don't have enough information about how the economy will evolve to determine whether it will be necessary to hike rates or to cut rates. In U.S. news, December producer price inflation was downwardly revised to -0.3% from -0.1%. Most traders believe the Federal Open Market Committee will reduce the federal funds target rate by 25bps or 50bps on 18 March. Euro bids are cited around the US$ 1.4490 level.