Euro Starts the Week Firmly
The euro remains steady versus US dollar today. The EUR/USD pair is trading at 1.1499 level, having lost 0.13% on the day. The single currency ended the latest week with considerable gains, amid strong Eurozone current account and weak US housing numbers.
Eurozone current account surplus climbed from EUR 21.3 billion to 23.9 billion, crushing the estimate of EUR 21.4 billion and marked a 4-month high. The US Existing Home Sales slipped to 5.15 million, down from 5.34 million a month earlier. This was the lowest existing home sales level since November 2015.
The German Bundesbank has released its regular monthly economic report today. The German central bank’s report showed the German economic growth may have stalled in the third quarter. Still, the economic upswing in Germany is still fundamentally intact and the growth should rebound in the final three months of the year.