Friday, December 22, 2006

Forex News: 22.12.2006 Current account in the euro area was below expectations in October

The index of current account in the euro area was far below expectations, amounting to 0.0bln euro, compared with the surplus of 1.1bln euro in September, the European Central Bank reported today.

September reading was revised from the deficit of 0.3bln euro to the surplus of 1.1bln. The analysts expected 0.8bln euro surplus of current account in October, having considered the initial September reading.

The net joint afflux of direct and portfolio investments was in October 10.4bln euro, compared with the afflux of 15.3bln in the preceding month (revised from 20.7bln euro).

As a rule, the index of current account produces limited effect upon the market and it is better to analyze it in connection of other macroeconomic indicators in the euro area, published today.


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