U.S. service sector grows, Europe more optimistic
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The vast U.S. services sector expanded against last month, extending a three-year run of growth, while European business optimism hit an eight-month high, suggesting the euro zone economy was starting to recover.
Rising corporate confidence also helped China's services sector grow at its quickest pace in four months, providing more evidence of a gradual rebound in the world's second largest economy.
The data on Tuesday bolstered the view that things were looking up for the world economy, a sentiment that has lifted stock markets around the globe and pushed the U.S. benchmark S&P 500 to five-year highs.
"I think people are optimistic right now," said Michael Woolfolk, senior currency strategist at BNY Mellon in New York. "The view is you want to buy risky assets on good data and ignore the bad data."
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