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Euro advances on better eurozone data

The euro advanced on Thursday (July 24) against most major currencies, after a closely-watched report showed a pickup in eurozone economy activity in July.

NEW YORK: The euro advanced on Thursday (July 24) against most major currencies, after a closely-watched report showed a pickup in eurozone economy activity in July.

Eurozone economic activity showed signs of a comeback in July after several months of sluggish activity, according to a survey of purchasing managers compiled by the private research firm Markit.

The PMI index rose to 54 in July from 52.8 in June above the 50-point signalling growth or downturn.

"Eurozone growth rebounded in July," said Markit, while warning that the crisis in Ukraine is clouding the outlook.

The data mean the euro could be "poised for a short-term bounce against its major counterparts over the coming days," said Christopher Vecchio, analyst at DailyFX.

But analysts noted the euro could be weighed down by anxiety over the dispute between Russia and Ukraine and the impact that tougher sanctions on Russia might have on Europe.

A European Union source told AFP Thursday the EU will add to its sanctions list 15 Ukrainian and Russian individuals and 18 entities over their role in the Ukraine crisis.

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