Data released yesterday showed that factories across the euro area performed better than expected in July, with positive numbers coming in from PMI data. However, figures also show that companies in the manufacturing sector continued to see backlogs of work decline and have had to cut jobs for the 15th successive month.
Despite this positive news, there are questions over whether the momentum can be sustained due to job cuts and local lockdowns in some areas.
The euro is still in a strong position against the dollar and could be gaining some momentum against the pound.
