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Posted August 16th, 2013 by Charles Purdy

Eurozone data better but not great

It has been a mixed week for the euro as it performed moderately against the US dollar, trading within a narrow range, yet reached six-week lows against a resurgent sterling. This mediocre performance came despite some more encouraging data coming out of the Eurozone. GDP data revealed growth of 0.3%, which was very marginally higher than what was expected after six consecutive quarters of contraction. However, although this is certainly a step in the right direction the road to normality will be long and hard. Similarly, whilst German Economic Sentiment data was better than expected earlier in the week, it too failed to give the seventeen nation currency much of a boost. Recovery in the Eurozone has been slower and less convincing than in the US and more recently the UK. Whilst recent German data has been markedly improved and French data has been more upbeat, the rest of the Eurozone has given little cause for optimism. This morning sees the release of current account data – detailing the difference in value between imports and exports – and inflation figures which both have the potential to cause some volatility, however euro appreciation is likely to be relatively limited as long as most of southern Europe remains mired in recession and unemployment rates remain at record highs. Call your trader now to see if more consistent data can boost euro performance.

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