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The Euro is rising after European employment data and the German confidence index

2018-09-11 10:54 am | Resource: News | No Views : 411

The survey data from the European Economic Research Center (ZEW) showed that German economic sentiment improved more-than-expected in September.

The economic sentiment index rose to -10.6 from -13.7 in August, according to the Mannheim Research Center. The economist was expecting modest improvement in the index to -13.5.

Current conditions index rose to 76 from 72.6 in August. Economists had expected to read less than 72.

"During the period of the study, the currency crisis in Turkey and Argentina was tightened, while German industrial production and incoming orders were surprisingly low in July," ZIM Wambach, the organization's chairman, said. "Despite these unfavorable conditions, Germany's economic outlook has improved slightly," Bach said. "The major concerns expressed by respondents in terms of economic development have declined to some extent, which may partly be attributed to the new trade agreement between the United States and Mexico," said Wambach.

Eurozone employment is rising steadily

Eurostat data showed on Tuesday that employment in the eurozone rose at a steady pace in the second quarter.

Employment rose 0.4 percent sequentially in the second quarter, the same rate as seen in the first quarter. Annual growth remained unchanged at 1.5 percent.

According to Eurostat estimates, there were 158 million employees, the highest record. Employment in the EU28 rose by 0.4 percent from the quarter and by 1.4 percent a year in the second quarter.

Among the member countries, Estonia, Poland, Cyprus and Luxembourg recorded the highest gains compared to the previous quarter. At the same time, a decline was observed in Latvia, Portugal, Romania and Bulgaria.

EUR Trades

The euro rose on Tuesday as worries about Italian debt eased, boosting the single currency for a second day, while broader movements in the Forex markets were contained as investors worried about the upcoming developments in the Sino-US trade dispute.

After the data, the euro changed slightly against the major currencies. The euro traded at 1.1615 against the US dollar, 129.38 against the yen, 1.1314 against the franc and 0.8907 against the pound at around 5:01 am Eastern time.

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