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The euro saw strength against the dollar amid expectations the Eurozone recession has come to an end. The European currency again extended a nine-month high against the dollar.
In its interim economic forecast, the Commission said the 16-nation economy is likely to have expanded 0.2% quarter-on-quarter in the third quarter after contracting 0.1% in the second quarter. In the fourth quarter, the economy is forecast to grow 0.1%. For the full year, gross domestic product or GDP is expected to fall 4%, unchanged from May's spring forecast.
The euro climbed again versus the dollar and extended its 2009 high to 1.4651. The European currency has been trending sharply higher for a little more than a week.
There was no major economic data out of the U.S. on Monday.
The euro moved back higher against the British pound, taking back some of the losses seen late last week. In the euro gets above 0.8838 it will reach a three-month high.
House purchase lending grew 6% in July from the prior year to GBP 7.5 billion. Total gross lending rose to GBP 14.5 billion. The number of house purchase loans totaled 56,000, while the number of remortgage loans stood at 41,000.
The euro rebounded away from a 12-day low against the Japanese yen. The European currency climbed as high as 132.93 in the mid-day after hitting as low as 131.29 early yesterday.
Meanwhile, the Eurostat also reported that Eurozone industrial production slipped 0.3% in July from the previous month compared to a revised 0.2% drop in June. The statistical office revised the monthly fall for June from the initial estimate of 0.6% fall. The decline in July matched economists' expectations. Annually, industrial output was down 15.9% in July, while economists were looking for an annual 16.7% drop.
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