Forex - EUR/JPY gains on firming euro zone output data

Investing.com - The euro strengthened against the yen on Wednesday after industry data revealed both factory and service-sector output appears to be on the rise in the euro zone.

In U.S. trading on Wednesday, EUR/JPY was up 0.50% at 132.17, up from a low of 131.38 and off a high of 132.74.

The pair sought to test support at 130.78, Tuesday's low, and resistance at 132.77, the high from May 21.

The euro rose against safe-haven currencies such as the yen after U.K.-based Markit Economics revealed that the euro zone purchasing managers' index rose to 50.1 in July from 48.8 in June, beating analysts' calls for a 49.1 reading.

A reading above 50 signals expansion, which gave the currency room to rise on hopes better days lie ahead for the crisis-weary euro zone economy.

Germany's manufacturing PMI rose to 50.3 from June's reading of 48.6, and the service-sector PMI jumped to 52.5, from 50.4.

The French manufacturing PMI rose to a 17-month high of 49.8 from 48.4 in June, while France's services PMI improved to 48.3 from 47.2 last month.

Both French and German data beat market expectations.

Meanwhile, a preliminary reading of China's HSBC manufacturing PMI fell to 47.7 in July from a final reading of 48.2 last month. Analysts had expected the index to rise to 48.6. A reading below 50 indicates a contraction, and the numbers dampened demand for the Japanese currency.

The euro, meanwhile, was up against the pound and down against the U.S. dollar, with EUR/GBP trading up 0.18% at 0.8618 and EUR/USD trading down 0.20% at 1.3197.

On Thursday, Spain is to release official data on the unemployment rate. The Ifo Institute is to publish its index of German business climate.

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