The Euro Strengthened Economic Supported By Germany and China Financial Data
The Euro pushed higher against the dollar on Tuesday local time, helped by positive economic data from Germany and China, while the yen weakened against the major currencies.
But the market remained quiet and cautious, analysts say, because they are waiting for the outcome of the talks Greece’s debt restructuring, which will be dianjutkan Wednesday after negotiators failed to bridge the last week. the euro traded at 1,2737 dollars compared to 1,2667 dollars on Monday.
The Euro also rose to 97,84 yen from 97,25 yen; the dollar pushed higher became 76,82 yen from 76,78 yen.
The latest economic Data suggests China’s second-largest world it will avoid the much feared hard landing despite European and U.S. demand plummets.
The Data showed China grew at a rate of 8.9 per cent in the last quarter of 2011, although slower than three months earlier but better than the 8.6 percent expected. For the entire 2011, growth slowed to a 9.2 percent from 10.4 per cent the previous year.
In the meantime, the expectations index of research institutions (think tank) show that the ZEW investor confidence in Germany improved sharply in recent weeks, indicating that the leading European it economy remained resilient to the crisis of the euro zone.
Separately index of manufacturing activity in New York also showed a rise in January, which is widely exceed expectations.
“We have a better than expected data coming out of China and Germany, and this morning the manufacturing data from the US Empire are strong enough. So it seems today like carry momentum, “said Mary Nicola from BNP Paribas.
However, he added, “there are lots of vulnerabilities in the market, especially with what’s going on in Europe … There are a lot of risk events coming up that could potentially end the rally. ” The dollar slipped to 0,9492 franc Switzerland from 0,9542 francs, while the United Kingdom pound was trading at 1,5334 dollars, up slightly from 1,5325 dollars previously.