The shared currency was higher Tuesday after a number of economic reports from the euro zone.
EUR/USD was last seen at 1.0648, up 0.1%, while EUR/GBP jumped 0.22% to trade at 0.7038.
The Federal Statistics Office has just confirmed that Germany’s GDP rose by just 0.3% in the July-to-September quarter, matching analysts' expectations.
Exports rose by just 0.2% quarter-on-quarter, compared to estimates of a 0.4% rise. Imports, though, jumped by 1.1%.
And the resulting net trade deficit wiped 0.4% of Germany’s growth rate -- the weakest since 2013.
Europe’s powerhouse economy was left relying on domestic spending. Private consumption rose by 0.6% quarter-on-quarter, as German shoppers dipped into their wallets and purses. Government spending rose by 1.3% - the biggest increase since early 2009.
As an official at the Office explained, the refugee costs have played their role, and those are the first effects on state spending.
Higher imports may cheer critics who argue that Germany needs to spend more to help the euro zone economy rebound. But weaker exports highlight renewed weakness in developing markets.
Separately, the German research institute Ifo has reported that its Business Climate Index rose to a seasonally adjusted 109.0 this month from a reading of 108.2 in October, beating forecasts for 108.2.
The Current Assessment Index increased to 113.4 in November from 112.7 a month earlier and above expectations for 112.4. The Business Expectations Index, which measures attitudes related to business prospects over the next six months, rose to 104.7 this month from 103.9 in October, compared to expectatons for a reading of 104.0.
The monthly gauge is based on a survey of around 7,000 German firms in the manufacturing, construction, wholesale and retail sectors.
In France, business confidence rose less-than-expected in the last quarter. INSEE said in a report that French Business Confidence rose to an annual rate of 102, from 103 in the preceding quarter. Analysts had expected French Business Confidence to rise 103 in the last quarter.
Credit:mql5.com
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