Euro rises as European shares fall after weak German data
2019-08-14 12:50 pm | Resource: News | No Views : 20
The euro rose as Germany's DAX and France's CAC 40 fell more than 1% on Wednesday after data showed weak economic sentiment in Germany as the country's GDP shrank in July. Meanwhile, industrial production in the euro zone declined in June, according to the Euro Stat, while in the US the yield curve for the two-year and 10-year bonds reversed.
- The DAX fell 1.42% at 12:16 CET.
- The CAC 40 was 1.28% in the red at 12:16 pm CET.
- Meanwhile, the FTSE 100 in London lost 0.78% at 12:17 CET.
Euro zone economic growth slows to 1.1%
On the data front, data on Wednesday showed that EU and Eurozone GDP rose 0.2% in the second quarter on a seasonally adjusted basis, and confirmed the findings of the preliminary update. The rate is compared to 0.4% and 0.5%, respectively, for the three months to March. Annual growth was unchanged at 1.1% for the currency union and 1.3% for the 28-member bloc. Weakened by 1.2% and 1.6% in the first quarter respectively.
Similarly, employment rose 0.2% in the reporting period in both regions after 0.4% from the previous similar period. Rates fell at 1.1% and 1% respectively, falling 0.2 percentage points.
Incomplete information from EU member states showed that the strongest quarterly economic growth rate was in Hungary, 1.1%. The UK shrank more, 0.2%, followed by a 0.1% decline in both Germany and Sweden. On an annual basis, Hungary advanced 5.1%. Italy's GDP came unchanged
Eurozone industrial production fell 1.6% in June
Industrial production fell 1.6% in the euro zone, while it fell 1.5% in the entire EU in July compared to the previous month, Eurostat reported on Wednesday. In the previous month, industrial production in the euro zone rose 0.9% while it grew 0.8% in the entire EU. The decline was driven both by the eurozone and the entire EU by lower capital goods and lower non-durable consumer goods.
In June, the biggest declines came on a monthly basis for each member state of Ireland, where industrial production fell 8.8% and Denmark, where it fell 7.6%. Annually, the biggest decline was recorded in Germany where industrial production fell 6.2%.
EUR trades against major currencies
We offer you the analysis of the US dollar against the Japanese Yen on Wednesday, April 17, 2019 with the most important expectations for the dollar against the Japanese yen on the market. Time frame Used - four hours The USD/JPY is moving in a bullish direction in the near term. USD/JPY is still facing resistance and selling pressure around 112.10 as the USD-JPY closed yesterday's session down below 112.00…
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