Euro Heads to End Friday Weakest Despite Decent Macro Indicators

The euro was heading to end Friday as the weakest major currency on the Forex market. The shared 19-nation currency fell even against the US dollar, despite rising initially after the release of terrible US nonfarm payrolls. At the same time, the euro is currently trying to rebound versus the New Zealand dollar.
Macroeconomic reports released in the eurozone on Friday were decent for the most part, though some of them were disappointing.
In Germany, industrial production rose by 0.9% in November, seasonally adjusted, slowing from the previous month’s 3.4% rate of growth. Nevertheless, it was a better reading than a 0.7% increase predicted by analysts. The seasonally adjusted trade balance narrowed to â‚¬16.4 billion in November from €18.2 billion in October. That is instead of widening to â‚¬18.5 billion as economists had promised.
In France, household consumption expenditure dropped by 18.9% in November. That was a bigger drop than specialists had predicted — 15.8%. Industrial production fell by 0.9% in November versus the expectations of a 1.0% drop. At the same time, manufacturing output rose by 0.5%.
In Italy, the unemployment rate fell to 8.9% in November from 9.5% in October. That is instead of a forecast increase to 10.0%.
In the whole eurozone, the unemployment rate slipped to 8.3% in November from 8.4% in October, whereas experts had forecast an increase to 8.5%.
Next week will be light in terms of important macro releases in the eurozone. The week after that will be full of important events, including the monetary policy meeting of the European Central Bank.
EUR/USD dropped from 1.2271 to 1.2195 as of 18:50 GMT today. EUR/GBP declined from 0.9044 to 0.9000. At the same time, EUR/NZD traded at about 1.6916 after opening at 1.6911 and falling to the session low of 1.6845.
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Original from: www.earnforex.com