Euro Rises As Hopes For Greek Aid Build

Euro Rises As Hopes For Greek Aid Build

For the 24 hours to 23:00 GMT on Friday, EUR declined 0.30% against the USD and closed at 1.2743, after current account surplus in the Euro-zone narrowed to a seasonally adjusted €0.8 billion in September, from €10.9 billion recorded in the previous month. Meanwhile, on a seasonally adjusted basis trade surplus widened to €11.3 billion in September, compared to a surplus €8.9 billion recorded in the previous month.

Separately, the European Central Bank Governing Council member, Jens Weidmann, stated that Greece might need another debt haircut at the end of its current fiscal consolidation and reform program.

Moreover, the greenback was bolstered as a decline in the US industrial production prompted investors to avoid riskier assets and seek safety in the US Dollar. In the US economic news, industrial production fell 0.4% in October, following a downwardly revised 0.2% gain in September.

Meanwhile, the Federal Reserve Bank of Atlanta President, Dennis Lockhart stated that forceful central bank policies would remain needed to spur job growth even if Congress averts sudden tax increases and spending cuts at the end of the year.