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Euro rises as European shares fall after weak German data

2019-08-14 12:50 pm | Resource: News | No Views : 82

 Euro rises as European shares fall after weak German data

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
  • The euro traded in red at 118.50 against the yen.
  • The euro fell against the franc to 1.0867 levels, down 0.37%.
  • The euro rose against the pound to 0.9262 levels, the pair rose 0.03%.
  • The euro rose to 1.1183 levels against the dollar at around 14:02 CET.

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Best Opportunities, Vision and Technical Analysis for the USD/JPY pair 17 April 2019

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