Strong European manufacturing performance fails to prop up euro

Euro fell on Wednesday away from a two-month high touched yesterday, as the euro retreats despite strong manufacturing data in the Eurozone, which failed to prop up the common currency.
 
EUR/USD last traded at 1.0744, down from the opening of 1.0799, with a session-high at 1.0809, and a low at 1.0738.
 
The manufacturing PMI in the Eurozone rose to 55.2 in January from 55.1, as both French and German manufacturing improves, buoying the Eurozone as a whole.
 
Despite strong data from the Eurozone, the common currency kept falling as the dollar rebounds today from a three-month low, heaping pressure on the common currency.
 
On the other hand, markets await the Federal Reserve's meeting today, expected to include statements on the future of U.S. economic performance, specially with U.S. president Trump's new policies, forcing other currencies down against the greenback ahead of the Fed's meeting.