Euro Advances After Manufacturing Expands by Most in Five Years
May 2 (Bloomberg) -- The euro rose, approaching an 11-month high against the dollar, after an industry report showed euro- region manufacturing expanded at the fastest pace in more than five years last month. The euro has risen 6.6 percent versus the dollar this year as signs of faster growth prompt speculation the European Central Bank will increase its pace of interest-rate increases while the Federal Reserve prepares to end an almost two-year cycle of boosting borrowing costs.
``The trend is clearly to a strong euro and the trend is clearly to a weak dollar,'' said Dennis Gartman, editor of the Suffolk, Virginia-based Gartman Letter. ``Those trends are likely to continue.''
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