Futures Market News
Euro gains from strong economic data in Germany
Feb 23, 2012 10:08 AM
Uplifting economic news about the fortitude of Germany pushed up the value of the common currency of the European Union against the U.S. dollar and the Japanese yen on Thursday, according to Bloomberg.
Confidence in the nation hosting the largest economic system in the euro zone offset dour economic projections issued by the European Union and lingering concerns for the prospects of success in Greece, which was granted final approval earlier this week for a second tranche of bailout aid earlier this week.
"The German news speaks to continued optimism that Germany will be able to carry the load as far as Europe is concerned," foreign exchange managing director Jack Spitz with National Bank of Canada in Toronto told Bloomberg. "Greece has definitely not gone away but the announcement of the bailout has taken the country marginally away from the disorderly-default precipice."
Claims for unemployment benefits in the U.S. remained even, which also proved to be beneficial to the performance of the shared currency as the jobless rate in the nation hosting the globe's biggest economy stays at its lowest rate in four years.
Business sentiment rising higher in Germany for the fourth consecutive month prompted positive returns about Germany's capacity to stave off an economic recession, according to Reuters.
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