Euro drops on recession data
The euro was down after it was revealed France has entered recession.
The euro weakened today (May 15th) on the back of the news that France has entered a double-dip recession and German economic growth has been worse than expected.
It fell to a six-week low against the dollar to below 1.29 and dropped by around 0.75 per cent against the pound during the morning session.
According to Andy Scott, premier account manager at foreign currency exchange brokers HiFX, the euro was down "across the board" today as a result of the economic data.
"Most of the individual country's figures were worse than expected with France, the euro area's second largest economy, back in recession for a second time in the past four years," he said.
Mr Scott pointed out that Italy's recession continued for a seventh consecutive quarter, with the nation's economy contracting by a further 0.5 per cent.
Earlier this year, the UK economy grew by 0.3 per cent to avoid the country slipping into a triple-dip recession.
Research by Towry has found one in seven British adults (13 per cent) are most concerned with the collapse of the euro this year and its subsequent impact on the UK.
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