Euro Rebounds on Germany’s GDP
The euro rose today, rebounding from the lowest level in several months, as Germany’s economy grew last quarter, easing worries about the negative impact that the credit crisis has on the eurozone economy.
Gross domestic product of the eurozone biggest economy rose 0.5 percent last quarter, according to the preliminary estimate, compared to the consensus forecast of just a 0.1 percent increase. GDP fell 0.2 percent in the previous quarter, sparking fears that the German economy might enter recession, but now such fears abated. Additionally, European politicians said that Greece got more time to comply with requirement for the next round of bailout.
EUR/USD was up from 1.2822 to 1.2844 and EUR/JPY rose from 102.37 to 102.65 as of 12:11 GMT today.
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