EUR: Data paints bleak picture of European economy

The euro hovered near daily highs against the dollar yesterday, ahead of the Federal Reserve’s decision on interest rates.

A series of economic data was released for the eurozone yesterday, painting a mixed but overall bleak picture of the European economy. Business confidence rose slightly for October to -0.19, beating market expectations of -0.24. However, sentiment figures declined in all areas including services, industry and the economy.

This reinforces the fact that Christine Lagarde has a big task on her hands as she takes over from Mario Draghi as President of the ECB today.

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