Weak GDPs Weigh on Euro
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The euro remains under pressure as weak GDP numbers out of the Eurozone last week are weighing on the currency. Growth rates of the major Eurozone economies were down, pointing to the word that the markets hate to hear - recession. In the US, Consumer Sentiment and the Empire Manufacturing Index both beat the estimate. The G-20 concluded its meeting in Moscow, and issued a mild statement about currency exchange rates. In Monday fundamentals, Eurozone Current Account looked weak, falling well short of the estimate. The markets will be listening carefully as ECB head Mario Draghi speaks to the European Parliament's Economic and Monetary Committee in Brussels. US markets are closed on Monday for Presidents Day.
The euro has enjoyed a strong 2013, but the currency hit some turbulence last week, as Eurozone GDP releases for Q4 of 2012 pointed to negative growth. Germany, France and Italy all recorded contraction in their economies, as did the Eurozone economy. ECB head Mario...