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- European session: the euro started the week with growth
European session: the euro started the week with growth
06:00 Germany Current account (August) unadjusted, bln 7.0
06:00 Germany Trade balance (August) unadjusted, bln 11.8
06:45 France Industrial production (August) 0.5%
08:00 Italy Industrial production (August) adjusted 4.3% 0.5%
08:00 Italy Industrial production (August) Y/Y adjusted 4.7%
The euro rose to its strongest level this month against the dollar after French and German leaders pledged to deliver a plan to help banks and repeated a commitment to keep Greece in the single-currency bloc.
The Dollar Index slid as European stocks and U.S. index futures advanced, sapping demand for the greenback as a haven.
German Chancellor Angela Merkel and French President Nicolas Sarkozy said in Berlin yesterday that they had given themselves three weeks to devise a plan to recapitalize banks and find a “durable” solution for Greece’s debt load.
European leaders will deliver a plan by the Group of 20 summit on Nov. 3, Sarkozy said. They will do “everything necessary” to ensure banks have enough capital, Merkel said.
The euro stayed higher even as a report showed European investor confidence fell to the lowest in more than two years. An index measuring sentiment in the euro region declined to minus 18.5 in October from minus 15.4 in September, the Limburg, Germany-based Sentix research institute said in an e-mailed statement today. That’s the lowest since July 2009.
EUR/USD: the pair grown in $1.3600 area.
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