EUR/USD Limits its Weekly Gains as the Dollar Recovers

The Euro (EUR) declined by 0.38% against the U.S. Dollar (USD) on Friday, as the greenback rebounded from recent losses.

For the week, the EUR/USD pair recorded a 0.33% rise.

Business activity in the Eurozone expanded during May, growing by the best pace in more than three years, official data showed on Friday.

The Eurozone IHS Markit’s Composite Purchasing Managers’ Index (PMI) rose to a flash reading of 56.9 in May from 53.8 in April, registering its best level since February 2018.

The European Central Bank (ECB) President, Christine Lagarde, recently said that recovery remains challenged by uncertainty despite massive support to the economy.