Euro is heading higher against many of its major counterparts today, thanks in part to a new GDP reading. Better economic data is helping the euro, even though there are still trials to overcome.
The eurozone economy grew by 0.4 per cent in the first quarter of 2015, according to the latest news from Eurostat. The agency reports that GDP rose on a seasonally adjusted basis, building on the 0.3 per cent growth seen at the end of 2014. On a year over year basis, eurozone GDP is up 1.0 per cent.
Economic news is supporting the euro, which has been rallying in recent days. The latest news indicates that the eurozone may be able to avoid sliding back into recession, even with the current concerns about periphery countries like Greece and Italy.
Euro is mostly higher against its major counterparts, gaining ground as analysts speculate that the eurozone really is out of the woods economically, and that further strength could be on the way.
At 10:58 GMT euro continues to gain ground against the US dollar, with EUR/USD moving up to 1.1224 from the open at 1.1213. EUR/GBP is also moving higher, in response to a cut forecast in the United Kingdom, gaining to 0.7170 from the open at 0.7155. EUR/JPY is also higher, moving up to 134.4500 from the open at 134.4350.
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