Expectations are that the eurozone recession ended the second quarter of 2013. However, even with this optimistic expectation, the euro is still struggling. The 17-nation currency is down against many of its major counterparts, but good news could help the euro regain the upper hand later this week.
Right now, economists and analysts feel that the eurozone probably moved out of recession during the second quarter of 2013. The official numbers aren’t in yet, but many expect that when the GDP data is released, it will be positive. Growth in the United States, as well as a reduction in debt in Spain and Italy, are expected to have helped the eurozone begin seeing some reasonable growth, ending the recession.
Even with the expected growth, though, the eurozone economy is still struggling. Recovery is likely to be slow, especially since Germany’s recovery is still taking place a bit slowly, and in fits and starts. Mario Draghi, the President of the European Central Bank, remains poised to ease monetary policy further if needed, and there is still a lot of focus on periphery countries that were in the center of the sovereign debt crisis.
At 15:53 GMT EUR/USD is down to 1.3309 from the open at 1.3321. EUR/GBP is down to 0.8597 from the open at 0.8600. EUR/JPY is up to 128.3950 from the open at 128.3150.
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