The euro hit an almost seven-week high against the dollar on Wednesday, boosted by data showing an expansion in euro zone business activity, while weaker than expected U.S. jobs data and expectations of further U.S. rate cuts weighed on the dollar. Business activity in the euro zone expanded at its fastest pace in two-and-a-half years in November as a robust service sector more than offset manufacturing weakness. “There’s been this upward creep in good data for Europe, which I think the market is beginning to pay attention to,” said Steve Englander, head of global G10 FX research and North America macro strategy at Standard Chartered Bank’s NY Branch.
