Euro little changed versus dollar as exports fall
City Index December 17, 2012 6:15 PM
<p>The euro has failed to make progress following a disappointing report on the single currency region’s export market.</p>
The euro has not made much progress in forex markets today (December 17th), as the single nation region has been hit by yet another underwhelming report.
According to Eurostat, the European Union's official statistics bureau, eurozone exports fell for the second month in October, sliding by a seasonally-adjusted 1.4 per cent between October and September.
Over this period, however, imports were up by 0.6 per cent, but the fact exports are low is depriving the 17-member bloc from a key source of growth at a time when domestic demand is already strained from the austerity measures imposed by the region's governments.
The eurozone fell back into recession over the third quarter of the year as a result of six consecutive months of economic shrinkage and it looks that October's economic activity has not ended this disappointing trend.
At 11:50 GMT, the euro was flat in trading with the dollar, with €1 buying $1.316, while it depreciated by 0.2 per cent against the pound to £0.812.
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