By: Barbara Zigah
In advance of the release of economic data from the Euro zone later today, the single currency Euro briefly hit on a new multi-month high before retreating. As reported at 7:15 a.m. (GMT) in London, the Euro was trading at $1.5015 off of the 14-month high of $1.5061 established earlier in trading. Several reports are expected to be released this morning, and analysts believe they will show that the Euro zone’s services and manufacturing sectors grew again in October; it is also anticipated that the Ifo Index from Germany will show similar advances. Just after the release of German PMI data, the Euro gained .1% to trade at $1.0525.
Also expected out today is the preliminary 3rd quarter GDP report from Britain. Analysts expect that it will show that Britain came out of the recession finally, after 15 months. In advance of the data, the Pound Sterling traded against the U.S. Dollar at $1.6655, an increase of .2% and slightly off of a new 1-month high set earlier in the day, effectively extending gains against the greenback from a rebound earlier this month that resulted in a new 5-month low.
Ahead of Euro zone Data, Euro establishes new 14-month Peak before Retreating
Barbara Zigah