Euro is struggling today, mainly due to disappointing economic data. The latest GDP numbers are in, and they show that the eurozone recovery is barely hanging on. It’s not helping, either, that German and France are having their own economic struggles right now. There’s little to support the euro, and there are concerns that another recession could be coming.
The eurozone has been plagued by economic difficulty since the financial crisis of 2008. It has experienced two recessions since that time, and there are concerns that a triple-dip could be on the way if the 17-nation currency region can’t do more than hold its ground.
Third quarter GDP numbers are in from Eurostat, and it looks as though the eurozone economy grew only 0.1 per cent from quarter two. This has disappointed many, who had hoped for better evidence that the eurozone economy is actually recovering. It’s not much of a surprise, then, that the euro is struggling a bit today.
France and Germany are also turning in disappointing numbers. Spain and the Netherlands broke out of their individual recessions, but those small economies can’t overcome the problems plaguing the two largest eurozone economies.
At 15:15 GMT EUR/USD is down to 1.3452 from the open at 1.3463. EUR/GBP is down to 0.8370 from the open at 0.8401. EUR/JPY is up to 134.5050 from the open at 133.8115.
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