Single Currency continued uptrend versus main traded currencies

11-19-2009 11:00

Europe's Single Common Currency continued its upward trend versus the majority of the most traded currencies through today’s early trading session in New York. European equities recovered this Wednesday and reached the highest levels in more than 13 months. Reports showed that US consumer prices rose in October, while housing starts in the US dropped.

Eurozone’s surplus

The 16-nation euro area demonstrated a €5.4 billion account deficit in September, corrected for working day and seasonal effects, following surpluses of the last two months. The Eurozone’s surplus was €0.6 billion in August while it stood at €5.1 billion in July.

Uptrend Single Currency

The Common European Currency climbed versus the Greenback during today’s early trading session. The Euro rose to 1.4988 against the US Dollar by about 11:00 am ET, while it closed at a level of 1.4877 at the New York trading session yesterday.

Housing starts dropped

A report by the US Labor Department showed that the consumer price index climbed by 0.3% last month after an unrevised rise of 0.2% in September, while economists earlier had forecasted a rise of 0.2%.
According to a report, released by the US Commerce Department regarding October’s new residential construction, housing starts dropped 10.6% on a yearly basis, reaching 529.000 in October, in comparison to the adjusted forecast of 592.000 in September. Economists were surprised by the decline, since they estimated that starts would rise to 600.000 in contrast to the earlier forecast of 590.000 in the previous month.