European Session – Euro, sterling stay near high versus dollar
December 10, 2013 1:51 pm
The euro was slightly higher versus the dollar, rising by 0.06% to 1.3753, not far from its 5-week high of 1.3765 recorded during the Asian session. The euro was benefiting from the ECB’s lack of specific planning for additional monetary stimulus.
On the other hand, the yen made a comeback against both the dollar and the euro as stocks sold off in late morning/ early noon in Europe. The euro fell 0.38% against the yen to 141.53 and the dollar lost 0.44% to 102.92.
In economic statistics regarding the Eurozone, there were mixed signals. Industrial output in France was down 0.3% month-on-month, compared to expectations for a 0.1% rise.
Italian industrial output on the other hand was up 0.5% month-on-month compared to expectations of a 0.2% increase. Italian 3rd quarter GDP growth was also upwardly revised to 0% from the -0.1% preliminary announcement.
In the UK, a goods trade deficit for October was only partially offset by a surplus in the services sector, as goods imports grew and exports declined.
The pound was flat against the dollar to trade at 1.6445. UK industrial output was up 0.4% month-on-month during October, slightly higher than economists’ expectations for a 0.3% rise.
The euro was slightly higher versus the dollar, rising by 0.06% to 1.3753, not far from its 5-week high of 1.3765 recorded during the Asian session. The euro was benefiting from the ECB’s lack of specific planning for additional monetary stimulus.
On the other hand, the yen made a comeback against both the dollar and the euro as stocks sold off in late morning/ early noon in Europe. The euro fell 0.38% against the yen to 141.53 and the dollar lost 0.44% to 102.92.
In economic statistics regarding the Eurozone, there were mixed signals. Industrial output in France was down 0.3% month-on-month, compared to expectations for a 0.1% rise.
Italian industrial output on the other hand was up 0.5% month-on-month compared to expectations of a 0.2% increase. Italian 3rd quarter GDP growth was also upwardly revised to 0% from the -0.1% preliminary announcement.
In the UK, a goods trade deficit for October was only partially offset by a surplus in the services sector, as goods imports grew and exports declined.
The pound was flat against the dollar to trade at 1.6445. UK industrial output was up 0.4% month-on-month during October, slightly higher than economists’ expectations for a 0.3% rise.
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