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Posted October 16th, 2013 by Charles Purdy

Positive news flow doesn’t support the euro

The euro struggled yesterday, weakening against the U.S. dollar and the Canadian dollar after we saw increased optimism for a U.S. congressional budget resolution. This weakness came in spite of moderately positive data from Europe including a reduction in Italy’s August government debt and improved figures from Germany’s ZEW survey. The Eurozone Commission is also hoping to announce that no further assistance will be extended to Spain following recent evidence of its self-sustaining capacity. There is also support for Ireland’s re-introduction to the capital markets following its string of bailouts to demonstrate the increased economic stability and fiscal discipline within the 17-member union. Out today we have some inflation data from the Eurozone; but, the President of the ECB’s speech in Frankfurt may well have a greater influence on the market as investors look for hints of future monetary policy. Call in now for the latest rates on the euro.

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