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The Euro-Area Grew at a Quicker Pace than Initially Expected

Published August 14, 2018
  • The euro-area grew at a quicker pace than initially expected, with data showing a 0.4% expansion in the second quarter, up from the previous estimate of 0.3%. Growth in Germany was 0.5% in the three months through June, and labor data for the UK showed unemployment falling to 4%.
  • The Turkish lira has paused as the currency gained as much as 6% against the dollar to trade at 6.5538 at the time of writing. President Erdogan said the country would boycott American electronic devices, while citizens will “continue their path with the Turkish lira.”
  • Canadian Finance Minister Bill Morneau spoke about the state of NAFTA negotiations, saying he is “cautiously optimistic” a deal will be reached in the near future. This comes as President Trump renewed threats to impose tariffs on US imports of vehicles and auto parts.
  • Oil prices rose this morning after Saudi Arabia stated it cut production in July, adding to concerns over global supply as US sanctions against Iran restrict its exports. Output from non-OPEC countries chiefly the US, is rising quickly limiting demand for OPEC oil.