Economic news

Euro struggles amid slowdown in euro zone growth

The euro, dragged down by the broadly stronger dollar, dipped on Tuesday as investors digested fresh euro zone GDP data.

Photo: Reuters

The common currency traded at $1.1369, after touching a 10-week trough of $1.1332 in the previous session after German Chancellor Angela Merkel said she will step down as chancellor in 2021.

The pressure has also come from a row between Brussels and Rome over Italy’s budget, which would violate the bloc’s fiscal rules.

The euro zone grew 0.2 percent in the third quarter, below expectations, Eurostat said. Economic sentiment slumped in the euro area for the tenth straight month, and by more than predicted by economists.

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