Euro Zone Current Account Deficit Widens Unexpectedly
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%.