Commodity News
HeadLine : Euro near three-year low on sluggish growth, yen steady despite weak GDP
Date : Feb 17 2020
The euro was on the back foot on Monday, as concerns mounted about weakening economic growth in Europe at a time financial markets and policymakers fret about a new threat to the global economy from a fast spreading coronavirus in China. The euro, which hit a 33-month low of $1.0817 on Friday, fetched $1.08385 (EUR=) in early Asian trade on Monday, flat so far on the day but down 2.3% since the start of month. The German economy stagnated in the fourth quarter due to weaker private consumption and state spending, data showed on Friday, renewing fears of a recession at a time Chancellor Angela Merkel's conservatives are preoccupied with a search for a new leader. Europe's biggest economy posted zero growth from the previous quarter while separate data showed euro zone gross domestic product grew 0.1% quarter-on-quarter in the fourth quarter, in line with forecasts but the weakest since 2014. U.S. core retail sales was flat last month, lagging expectations of 0.3% growth while its rise in December was revised down to 0.2% from a previously reported 0.5%. Industrial production also shrank more than expected by 0.3%. The world's third-largest economy shrank 1.6% in the three months to December, the largest drop in six years, hit by sales tax hike.

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