Euro turns positive after reassuring Eurozone data
The euro picked up on Tuesday after stronger-than-expected growth data for the currency area’s first quarter and robust inflation data from Germany.Evidence that Italy’s economy returned to growth in the period helped the trend, and Milan’s FTSE MIB rose 0.4 per cent, surpassing a propensity for flat stock indices across Europe.
As the data helped ease the worst of investors’ trepidations about the currency area’s lacklustre economy, the euro turned positive for the day to rise 0.3 per cent overall, approaching $1.1215, a four-session high.
The turn around curtailed the common currency’s 2019 fall to just over 2 per cent. The Eurozone-wide GDP figure provided year-on-yeargrowthof 1.2 per cent, just beatingforecasts of 1.1 per cent.