German data is helping the euro today, as is the latest speculation that the eurozone economy might be returning to growth. Good news elsewhere is spurring on risk appetite, and that is providing some help for the 17-nation currency as well.
The latest news out of Germany is that exports rose 0.6 per cent from May to June. The Federal Statistics Office reports that exports are on the rise for Germany. This comes on the heels of other positive news out of Germany. As the largest economy in the eurozone, Germany is often seen as a major driver behind eurozone economic success. When things go well for Germany, they often go well for the euro as well.
Also helping the situation are the rumors that eurozone saw an improvement in its GDP for the second quarter of 2013. A report from the eurozone is expected next week, and the hope that it will show a return to growth is one of the pieces of news supporting the euro.
Risk appetite also appears to be making an appearance on the Forex markets. Better news out of China is helping the cause as Forex traders look for yield.
At 13:46 GMT EUR/USD is up to 1.3364 from the open at 1.3336. EUR/GBP is up to 0.8612 from the open 0.8611. EUR/JPY is up to 128.5070 from the open at 128.4735.
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