{"id":17043,"date":"2013-02-15T10:05:35","date_gmt":"2013-02-15T09:05:35","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/17043\/euro-exchange-rate-dips-lower-as-latest-data-and-forecasts-show-eu-contractions\/"},"modified":"2013-02-15T10:05:35","modified_gmt":"2013-02-15T09:05:35","slug":"euro-exchange-rate-dips-lower-as-latest-data-and-forecasts-show-eu-contractions","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/17043\/euro-exchange-rate-dips-lower-as-latest-data-and-forecasts-show-eu-contractions\/","title":{"rendered":"Euro exchange rate dips lower as latest data and forecasts show EU contractions"},"content":{"rendered":"

The latest data and forecasts for euro zone countries looks grim to say the least and the euro’s exchange rate dipped lower this morning following Thursday’s figures showing EU GDP contracted by 0.6 percent on the previous quarter in the eurozone during the last three months of 2012.<\/p>\n

Latest Euro Exchange Rates<\/strong><\/p>\n

The euro was down against all major currencies this morning, with 1 euro buying $1.33240 (0.29 percent lower) or \u00a30.85780 (0.54 percent lower).<\/p>\n

Eurostat GDP Estimates<\/strong><\/p>\n

According to the latest flash estimate from EU statistics office Eurostat, GDP contracted by 0.6 percent on the previous quarter in the eurozone during the last three months of 2012. It was the third consecutive quarterly contraction in the 17 euro area countries.<\/p>\n

The French and German economies both shrunk more than expected in the final quarter of 2012, with the latter hit by falling exports, data showed on Thursday, signalling a deeper recession for the euro zone as a whole.<\/p>\n

“This is major data, so it’s dampening sentiment,” said Anita Paluch, sales trader at Gekko Capital Markets.<\/p>\n

Spanish GDP fell at a 2.8 percent annualised rate. Portugal and Greece suffered even-deeper contractions. Italy’s drop of 3.7 percent last quarter, at an annualised rate, added to fears that the country’s depressed economy could lead to political instability that reignites the EU debt crisis.<\/p>\n

2013 EU Contraction<\/strong><\/p>\n

European Central Bank policymaker Ewald Nowotny told an Austrian newspaper this morning that the euro zone economy may shrink by around 0.2 to 0.3 percent as a north-south divide in output worsens.<\/p>\n

“In Europe we have to assume a negative development in 2013 that can be around minus 0.2 or 0.3 percent,” he told the Vorarlberger Nachrichten, citing a “massive economic divergence between the southern and other countries that could get even worse”.<\/p>\n

ECB staff projected in December that euro zone economic output this year would range between a contraction of 0.9 percent and growth of 0.3 percent.<\/p>\n

The contraction underscores a central problem for the euro zone as it enters the fourth year of its debt crisis. However, at the ECB (European Central Bank) there is still a confidence that the euro zone is poised to stabilise and return to growth later this year.<\/p>\n

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\"Fb-Button\" <\/a><\/div>\n<\/div>\n

.<\/p>\n

You can like our page on Facebook<\/strong> and keep up to date with the latest oil, gold, dollar and euro news with liveoilprices. ……………………………………………………….<\/p>\n

Our website is now fully optimised for viewing through mobile devices, tablets and of course standard computers.<\/p>\n

This article was written by: JR @ liveoilprices.co.uk<\/strong><\/p>\n

You can also share this story using the social media below:<\/p>\n<\/p>\n

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\nEuro exchange rate dips lower as latest data and forecasts show EU contractions<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The latest data and forecasts for euro zone countries looks grim to say the least and the euro’s exchange rate dipped lower this morning following Thursday’s figures showing EU GDP contracted by 0.6 percent on the previous quarter in the eurozone during the last three months of 2012. Latest Euro Exchange Rates The euro was down against all major currencies this morning, with 1 euro buying $1.33240 (0.29 percent lower) or \u00a30.85780 (0.54 percent lower). Eurostat GDP Estimates According to the latest flash estimate from EU statistics office Eurostat, GDP contracted by 0.6 percent on the previous quarter in the eurozone during the last three months of 2012. It was the third consecutive quarterly contraction in the 17 euro area countries. The French and German economies both shrunk more than expected in the final quarter of 2012, with the latter hit by falling exports, data showed on Thursday, signalling a deeper recession for the euro zone as a whole. “This is major data, so it’s dampening sentiment,” said Anita Paluch, sales trader at Gekko Capital Markets. Spanish GDP fell at a 2.8 percent annualised rate. Portugal and Greece suffered even-deeper contractions. Italy’s drop of 3.7 percent last quarter, at an annualised rate, added to fears that the country’s depressed economy could lead to political instability that reignites the EU debt crisis. 2013 EU Contraction European Central Bank policymaker Ewald Nowotny told an Austrian newspaper this morning that the euro zone economy may shrink by around 0.2 to 0.3 percent as a north-south divide in output worsens. “In Europe we have to assume a negative development in 2013 that can be around minus 0.2 or 0.3 percent,” he told the Vorarlberger Nachrichten, citing a “massive economic divergence between the southern and other countries that could get even worse”. ECB staff projected in December that euro zone economic output this year would range between a contraction of 0.9 percent and growth of 0.3 percent. The contraction underscores a central problem for the euro zone as it enters the fourth year of its debt crisis. However, at the ECB (European Central Bank) there is still a confidence that the euro zone is poised to stabilise and return to growth later this year. . You can like our page on Facebook and keep up to date with the latest oil, gold, dollar and euro news with liveoilprices. ………………………………………………………. Our website is now fully optimised for viewing through mobile devices, tablets and of course standard computers. This article was written by: JR @ liveoilprices.co.uk You can also share this story using the social media below: <\/p>\n","protected":false},"author":32,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-17043","post","type-post","status-publish","format-standard","hentry","category-welcome-start-here-tradecrudeoilchatroom"],"_links":{"self":[{"href":"https:\/\/bontrade.org\/blog49\/wp-json\/wp\/v2\/posts\/17043","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bontrade.org\/blog49\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bontrade.org\/blog49\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bontrade.org\/blog49\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/bontrade.org\/blog49\/wp-json\/wp\/v2\/comments?post=17043"}],"version-history":[{"count":0,"href":"https:\/\/bontrade.org\/blog49\/wp-json\/wp\/v2\/posts\/17043\/revisions"}],"wp:attachment":[{"href":"https:\/\/bontrade.org\/blog49\/wp-json\/wp\/v2\/media?parent=17043"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bontrade.org\/blog49\/wp-json\/wp\/v2\/categories?post=17043"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bontrade.org\/blog49\/wp-json\/wp\/v2\/tags?post=17043"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}