Investing.com - The euro zone’s current account surplus narrowed more-than-expected in July, official data showed on Tuesday.
In a report, the European Central Bank said that the euro zone current account recorded a seasonally adjusted surplus of EUR16.9 billion in July, down from a surplus of EUR19.8 billion in June, whose figure was revised up from a surplus of EUR16.9 billion.
Economists had expected the region’s current account surplus to narrow to EUR17.3 billion in July.
The seasonally adjusted 12-month cumulated current account for the period ending in July 2013 recorded a surplus of EUR204.0 billion, 2.1% of euro area GDP, compared with a surplus of EUR79.4 billion, 0.8% of euro area GDP, for the previous 12-month period.
Following the release of the data, the euro held on to gains against the U.S. dollar, with EUR/USD adding 0.11% to trade at 1.3348.
Meanwhile, European stock markets remained lower. The EURO STOXX 50 shed 0.45%, France’s CAC 40 dipped 0.45%, London’s FTSE 100 declined 0.35%, while Germany's DAX fell 0.3%.
In a report, the European Central Bank said that the euro zone current account recorded a seasonally adjusted surplus of EUR16.9 billion in July, down from a surplus of EUR19.8 billion in June, whose figure was revised up from a surplus of EUR16.9 billion.
Economists had expected the region’s current account surplus to narrow to EUR17.3 billion in July.
The seasonally adjusted 12-month cumulated current account for the period ending in July 2013 recorded a surplus of EUR204.0 billion, 2.1% of euro area GDP, compared with a surplus of EUR79.4 billion, 0.8% of euro area GDP, for the previous 12-month period.
Following the release of the data, the euro held on to gains against the U.S. dollar, with EUR/USD adding 0.11% to trade at 1.3348.
Meanwhile, European stock markets remained lower. The EURO STOXX 50 shed 0.45%, France’s CAC 40 dipped 0.45%, London’s FTSE 100 declined 0.35%, while Germany's DAX fell 0.3%.