Euro hits session high versus dollar after euro zone PMI data

LONDON (REUTERS) - The euro rose to a session high against the dollar on Tuesday on relief that euro zone business surveys were not as bad as previously expected.

The euro rose to a session high of US$1.30755, up 0.4 per cent on the day, after euro zone services and composite Purchasing Managers' Index (PMI) figures came in at 47.9, slightly above expectations at 47.3, though it was still well below the 50 mark, which divides growth from contraction.

Traders cited offers at around US$1.3090 which could cap further gains.