BLBG:Euro Holds Two-Day Advance Against Dollar on German Economic Growth Report
The euro held a two-day advance against the dollar and the yen after a report showed German gross domestic product rose 3 percent last year, matching economist estimates for Europe’s largest economy.
The 17-nation currency erased an earlier drop versus the dollar after the Federal Statistics Office in Wiesbaden said Germany’s economy expanded 3 percent in 2011, after a 3.7 percent advance in 2010, matching the median of 27 estimates in a Bloomberg News survey.
The German data “might have supported the euro slightly since there was no disappointment,” said You-Na Park, a foreign-exchange strategist at Commerzbank AG in Frankfurt.
The euro strengthened almost 0.1 percent to 98.26 yen at 8:30 a.m. London time, after dropping as much as 0.3 percent. It was little changed at $1.2776, rebounding from as weak as $1.2729.
To contact the reporter on this story: David Goodman in London at dgoodman28@bloomberg.net
To contact the editor responsible for this story: Daniel Tilles at dtilles@bloomberg.net
