FRANKFURT (dpa-AFX) – The price of the euro rose on Wednesday. In the morning, the common currency rose to a daily high of 1.0845 US dollars, after trading just above 1.08 dollars the previous evening. In the morning, economic data from the Eurozone was better than expected. France’s economy gained momentum in the summer months, largely thanks to the Olympic Games. In the third quarter, gross domestic product (GDP) grew by 0.4 percent compared to the previous quarter. In the second quarter, economic output in the euro zone’s second largest economy grew by 0.2 percent.
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The Spanish economy also developed better than expected. The fourth largest economy in the Eurozone was surprisingly able to maintain its comparatively high growth rate in the summer months. In the third quarter, gross domestic product increased by 0.8 percent quarter-on-quarter. Analysts had on average expected weaker growth of 0.6 percent for the months of July to the end of September.
As trading continues, the focus on the foreign exchange market remains on economic data. The program includes growth data from Germany. German inflation data is also expected, with the market expecting inflation to rise again in October.
In the afternoon, interest turns to growth data from the USA. The world’s largest economy is expected to continue to grow robustly in the third quarter./jkr/la/stk
