Euro pushes higher as eurozone avoids recession in Q3
Euro gained against dollar Friday helped by slightly improved growth numbers for the eurozone.
NEW YORK (AFP) - The euro gained against the dollar Friday helped by slightly improved growth numbers for the eurozone that showed the region still avoiding a new recession.
Official data showed France and Germany narrowly avoided a new recession in the third quarter, while the broader 18-nation eurozone also faces anemic growth with just a 0.2 percent expansion.
"The moderate growth and inflation was cause for relief in European markets," said Jasper Lawler at CMC Markets UK.
But Mike McCudden at online broker Interactive Investor said "the euro will no doubt remain under pressure as investors anticipate fresh stimulus intended to drag the region out of the mire."
Still, the data helped the euro to its second straight gain, rising to $1.2523.
The yen meanwhile continued its slide, to 145.66 per euro and 116.26 per dollar.
The euro s pickup came ahead of the Group of 20 summit in Australia this weekend that opens amid heightened recriminations between the West and Russia over the mounting violence in Ukraine.
The summit will also focus on worries about slower global growth and that countries will purposely devalue their currencies to boost exports.
