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The euro advanced against sterling this morning following Ernst & Young’s Item Club report and better-than-expected eurozone industrial production data.
Eurostat announced that eurozone industrial output for July fell 0.3% month-on-month and declined 15.9% from a year ago. The annual decline was the smallest since December last year and suggests that the EU economy has continued to recover from one of the worst recessions in history. The European Commission's interim growth forecasts for EU have also helped the euro. The EC has revealed that the eurozone economy is expected to grow by 0.2% in the current quarter and expand by 0.1% in the fourth quarter.
