The euro appreciated sharply vis-Ã -vis the U.S. dollar today as the single currency tested offers around the US$ 1.3925 level and was supported around the US$ 1.3730 level. The common currency reached its highest level since 5 January and some dealers believe traders may use the reduced liquidity over the long U.S., U.K., and European holidays to make a run at the psychologically-important US$ 1.4000 figure, a level it€™s not traded above since the end of last year. Data released in the U.S. today saw April leading indicators rise 1.0% from a revised 0.2% decline in March, the first improvement in seven months. These data suggest the U.S. economy is inching closer to an economic recovery. Weekly initial jobless claims were off 12,000 to 631,000 in the week ended 16 May while continuing jobless claims were up 75,000 to 6.662 million. Other data saw the May Philadelpia Fed manufacturing survey improve to -22.6. In eurozone news, the EMU-16 May composite Purchasing Managers Index improved to an eight-month high of 43.9 from 41.1 in April with improvements in both the manufacturing and services PMI indices. Similarly, German flash May PMI data suggest that country€™s economy may be past the worst. It was also reported that France€™s economic contraction moderated in May as its flash PMI rose to 46.1 from 43.8 in April. Euro bids are cited around the US$ 1.3435 level.