Investing.com – The euro zone current account deficit narrowed unexpectedly in August, official data showed on Wednesday.
In a report, the European Central Bank said that the euro zone current account recorded a seasonally adjusted deficit of EUR5.0 billion in August, down from July’ deficit of USD6.8 billion, whose figure was revised down from a deficit of EUR12.9 billion.
Economists had expected the current account deficit to widen to EUR7.3 billion in August.
The report said that the 12-month cumulated seasonally adjusted current account recorded a deficit of EUR54.9 billion in August, approximately 0.6% of euro area gross domestic product, compared with a deficit of EUR24.2 billion a year earlier.
Following the release of the data, the euro held on to gains against the U.S. dollar, with EUR/USD rising 0.42% to trade at 1.3812.
Meanwhile, European stock markets were broadly higher after the open. The EURO STOXX 50 climbed 0.65%, France’s CAC 40 rose 0.6%, Germany's DAX advanced 0.7%, while the FTSE 100 added 0.5%.
In a report, the European Central Bank said that the euro zone current account recorded a seasonally adjusted deficit of EUR5.0 billion in August, down from July’ deficit of USD6.8 billion, whose figure was revised down from a deficit of EUR12.9 billion.
Economists had expected the current account deficit to widen to EUR7.3 billion in August.
The report said that the 12-month cumulated seasonally adjusted current account recorded a deficit of EUR54.9 billion in August, approximately 0.6% of euro area gross domestic product, compared with a deficit of EUR24.2 billion a year earlier.
Following the release of the data, the euro held on to gains against the U.S. dollar, with EUR/USD rising 0.42% to trade at 1.3812.
Meanwhile, European stock markets were broadly higher after the open. The EURO STOXX 50 climbed 0.65%, France’s CAC 40 rose 0.6%, Germany's DAX advanced 0.7%, while the FTSE 100 added 0.5%.