European Session – euro drops on weak Eurozone data
October 31, 2013 1:31 pmVideo
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The euro dropped sharply against the dollar, adding to the losses of the previous sessions by shedding 0.45% to 1.3642 after disappointing data from Germany, France as well as the wider Eurozone.
The disappointing data in the Eurozone concerned both unemployment and inflation.
According to Eurostat, the flash estimate of October inflation came in at 0.7% versus expectations of 1.1%.
The inflation data could be a source of some concern for the ECB, as the bank would like inflation to be closer to its target 2%.
Some market participants even began to speculate about a potential quarter-point interest rate cut from the ECB in the near future.
September unemployment on the other hand surpassed expectations of a 12.0% number to come in at 12.2%. This was also a record high for the region’s unemployment rate.
August’s unemployment rate was also revised higher to 12.2% compared to 12.0% previously reported.
In Germany, retail sales for September missed expectations of a 0.4% month-on-month rise, to instead drop by 0.4%.
In France, consumer spending during September fell 0.1% instead of the 0.3% rise forecast by economists.
There was somewhat positive news for the UK, where the Nationwide house price index posted a 5.8% annual rise instead of a 5.1% increase that was expected.
Sterling was up 0.19% against the dollar to trade at 1.6045. Sterling was particularly strong against the euro, gaining 0.64% to trade at 0.8501.
In the United States, weekly initial jobless claims were released in line with expectations at 340 thousand, with the impact of computer glitches in California finally ceasing.
The dollar fell by a slight 0.08% to 98.22 against the yen.
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