With another disappointing European figure in luggage investors Friday sends the euro down in value against both the dollar and the yen. Meanwhile the Swedish krona loses terrain after unexpectedly weak figures from the industry.
Euro weakened to $ 1.2712 from around $ 1.2750 Thursday, and thus the single currency continues the slump from the previous day, where nervousness has come to the surface again. Against the yen, the euro weakened to 100.85 yen from 101.30 yen, and thus euro has not been weaker against the yen in a month.
Euro was already under pressure from the morning, when the French industrial production turned out to have fallen by 2.5 per cent in September from the same period a year earlier after a fall of 2.7 percent compared with August.
The downturn was somewhat stronger than expected and another sign that Europe's largest economy is losing momentum after previously published weaker figures for German industrial production. Precisely Germany and France have helped to keep overall growth up in the euro region and will they also turn around, it becomes more difficult for the already strained, debt-ridden economies in the southern part of Europe.
Euro is gaining ground against the Swedish krona, which is also pressured by weak figures from the industry. The Swedish industrial production fell in September by 4.1 and 5.0 percent , respectively, monthly and yearly, which was far worse than expected.
No comments:
Post a Comment