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Growth in Europe: The FX reaction
As new data shows the Eurozone has moved out of recession, the big focus for Saxo Bank’s traders is Euro Dollar; since the announcement, they have seen volumes trade sideways.
The euro area’s economy grew 0.3% in the second quarter, meaning it is emerging from its longest recession to date. And looking at the Dollar, markets still remain jittery over the prospects of the Federal Reserve scaling back its stimulus as early as next month.
Another focal point for the traders is Sterling, as the latest UK unemployment figures came out better-than-expected.
According to the UK’s Office for National Statistics, the number of people claiming unemployment benefits dropped by almost double the forecast figure last month - to a four year low.
00:49 minutes
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