Eurozone’s export data isn’t helping the euro much today, as the 18-nation currency is dropping against most of its major counterparts. Concerns about the eurozone recovery persist, even though exports have increased in the periphery.
The export situation in the eurozone is an interesting one right now. According to Eurostat, exports from the eurozone fell by 2 per cent year over year in November. This coming after an increase in October. The news was somewhat disappointing, although the edge was blunted by the fact that imports fell even more sharply, widening the eurozone’s trade surplus.
The better news was that exports out of periphery countries like Spain, Greece, and Portugal rose. This is good news since it indicates that those economies might pick up and contribute to the eurozone economic recovery.
However, even this partial good news isn’t enough to help the euro. There are still plenty of struggles the eurozone has to face, and the economic recovery is slow going. As a result, the euro is mostly lower today.
At 15:10 GMT EUR/USD is heading lower, dropping to 1.3587 from the open at 1.3681. EUR/GBP is also lower, falling to 0.8315 from the open at 0.8320. EUR/JPY is also a little bit weaker at 142.0695, which is down from the open at 142.5820.
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