Home » Currency Note » Currency Note » Currency Note EUR » EUR: current account surplus narrows in October 2018

There were no major economic data releases from the eurozone yesterday, as the Federal Reserve’s announcement that it would hike rates two more times in 2019 dominated the headlines and market moves. Stock markets around the world tumbled as traders believe that policy makers could unwittingly put the brakes on economic growth.

Still, we did see the eurozone’s current account reading for October, which showed the surplus narrowed to €26.6 billion from €37.4 billion in the same month a year previous. The euro managed to strengthen once more against the dollar and is now firmly above the $1.14 mark. It marks the fourth consecutive day of gains against the greenback.

The only release of note from the eurozone is the flash consumer confidence reading for December. It is expected to drop to -4.3 from -3.9 the previous month. Still, it has been a relatively good week for the euro and it has consistently made gains against sterling and the dollar throughout. It will be interesting to see how it ends the week.

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