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A Word Caution Despite the Good News in the Eurozone

Posted by WorldWideMarkets . on Aug 15, 2013 3:34:00 AM

euro resized 600Eurostat, the European Union's statistics office, said the 17 European Union countries using the single currency had collective economic growth of 0.3 percent in the April to June period over the prior quarter. Strong growth in the euro zone’s largest members Germany and France accounted for much of that output. It marks the first quarterly growth for the eurozone since the bloc slipped into recession in the final  three months of 2011. The recession of six quarters marks the longest since the euro was launched in 1999. While the growth data is undoubtedly good news and a reason to cheer it is too soon for exhuberance. The debt crisis is not yet a distant memory and 0.3 percent is not enough to create momentum, particularly when the peripheral nations will be struggling for years. The euro remained down after the growth data as currency investors were not lulled. Stronger euro zone data is a headwind for the dollar but not yet enough to stoke the euro.

 

Topics: EURO, eurozone, European Session, euro/dollar, EU

 

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