Thursday, October 31, 2013

Eurozone Sentiment Picks Up

Sentiment in the eurozone picked up in October and added to the region's growing momentum.

Data from the European Commission showed that economic sentiment in the 17 nation bloc rose to 97.8 points in October, its highest level since August 2011. The figure also beat market expectations of 97.3 points.

German confidence continued to rise for a seventh consecutive month even as the nation's government hangs in the balance while Chancellor Angela Merkel and the Social Democrats try to form a coalition. The report showed that confidence in the region's largest economy rose to 104.9.

Related: PreMarket Primer: Thursday, October 31: BOJ Bullish On Inflation

Rising confidence data will inject some optimism into the region as the currently strong euro has created some problems for the region's economy. Although the European Central Bank has insisted that the euro is not yet at a dangerously high level, many worry that the strong currency could keep the bloc from meeting its inflation targets.

However, the euro lost some of its shine on Wednesday afternoon when the Fed's statement was more hawkish that most were expecting. Reuters reported that the US central bank removed its reference to a "tightening of financial conditions observed in recent months" as a risk to the bank's outlook.

Traders took the omission as a signal that the bank could taper its $85 billion per month bond buying plan sooner than expected. Now, many analysts see the Fed cutting down on its stimulus spending in early 2014. Following the statement, investors turned back to the dollar which sent the euro down 0.2 percent.

Posted-In: European Central Bank Federal ReserveNews Eurozone Commodities Forex Global Federal Reserve Pre-Market Outlook Markets Best of Benzinga

(c) 2013 Benzinga does not provide investment advice. All rights reserved.

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