(RTTNews) - The European common currency traded higher against major currencies in European trading on Friday. The euro climbed to nearly a 4-week high against the pound and a new 2-day high versus the US dollar.
On the economic front, the Eurozone construction output remained flat on a seasonally adjusted basis in October from the previous month, Eurostat, the statistical office of the European Union showed today. This follows a 1.6% fall in September.
The Eurostat also reported that Eurozone unadjusted trade surplus rose to EUR 5.2 billion in October from revised EUR 2.6 billion surplus in September, European Union Statistical agency Eurostat said Friday. Economists had forecast trade surplus to drop to EUR 2.5 billion.
Exports rose 20% year-on-year, while imports climbed 21%, official data showed.
In economic news from the euro-zone's largest economy showed that German business confidence rose unexpectedly to 109.9 in December, reports said today, citing a monthly survey from Ifo institute. Economists had expected the index to fall to 109 from 109.3.
The expectations index also improved in December, to 106.9 from 106.3. The indicator stayed well above the expected reading of 106.
At the same time, the current conditions index advanced to 112.9, slightly above the consensus forecast of 112.5. The November reading was 112.3.
Extending Asian session upward trading, the euro advanced further against the British pound in European deals today. At 4:50 am ET the euro jumped to nearly a 4-week high of 0.8555 versus the sterling, compared to 0.8474 hit late New York Thursday. As of now, the pair is worth 0.8532.
Against its US counterpart, the euro spiked up further in today's European deals and hit a new 2-day high of 1.3360 by about 5:00 am ET. The euro-greenback pair that closed yesterday's New York session at 1.3245, is now at 1.3329.
After touching a record low of 1.2723 as of 2:10 am ET, the euro reversed its direction against the Swiss franc in European deals today. At 5:15 am ET, the euro climbed to 1.2793 versus the franc, compared to Thursday's close of 1.2777. Currently, the pair is trading at 1.2780.
The European single currency also showed strength against the Japanese yen in European trading and currently trading at a 2-day high of 111.83 from yesterday's close of 111.16.
Investors may likely to focus at the US leading indicators data for November, which is due out in the North American session.
by RTT Staff Writer
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