The latest news out of the eurozone is weighing on the euro, sending the 17-nation currency lower against its major counterparts today. Once again, concerns about the viability of the recent eurozone recovery are causing problems for the euro on the Forex market.
Earlier today, the industrial output numbers from the eurozone were released. Eurostat reports that industrial output fell by 0.5 per cent across the eurozone in September. This news once again throws the overall recovery for the eurozone in doubt. The news offers the idea that, even though the eurozone is seeing some growth, it’s by no means steady, and there are likely to be setbacks to overcome.
Even more worrying is the fact that September’s industrial output decline was mostly the result of production drops in Germany and France. These are the core eurozone economies, and losses in those economies could mean more problems down the road. There are questions about what tomorrow’s third-quarter GDP estimate will show.
For now, the news is weighing on the euro against most of its major counterparts. The 17-nation currency is floundering today.
At 15:38 GMT EUR/USD is down to 1.3393 from the open at 1.3434. EUR/GBP is down to 0.8378 from the open at 0.8444. EUR/JPY is down to 133.2950 from the open at 133.9160.
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