Euro Zone Current Account Deficit Widens Unexpectedly

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Forex Pros – The euro zone current account deficit widened unexpectedly in December, official data showed on Thursday.

In a report, the European Central Bank said that the euro zone current account recorded a seasonally adjusted deficit of EUR13.3 billion in December, after recording a deficit of EUR10.5 billion in November, whose figure was revised down from a deficit of EUR11.2 billion.

Economists had expected the current account deficit to narrow to EUR6.1 billion in December.

The report said that the 12-month cumulated seasonally adjusted current account recorded a deficit of EUR56.4 billion in December, approximately 0.6% of euro area gross domestic product, compared with a deficit of EUR51.4 billion a year earlier.

Following the release of the data, the euro was down against the U.S. dollar, with EUR/USD shedding 0.15% to hit 1.3548.

Meanwhile, European stock markets were mixed. The EURO STOXX 50 gained 0.08%, France’s CAC 40 edged lower 0.05%, Germany’s DAX was down 0.04%, while the FTSE 100 declined 0.03%.

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