Euro declines as downbeat reports from Italy, France weigh

Euro declines as downbeat reports from Italy, France weigh

25 November 2015, 10:59
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The euro was on defensive on Wednesday after official data showed Italian industrial new orders fell last month. France also released some downbeat numbers.

Istat said earlier that Italian Industrial New Orders fell to -2.0%, from -5.2% in the preceding month whose figure was revised up from -5.5%. Analysts had expected Italian Industrial New Orders to last month.

A day earlier, Italian Prime Minister Matteo Renzi said he would delay corporate income tax cuts until 2017, choosing instead to increase spending on security and culture next year.

In France, consumer confidence was flat in November, statistics showed Wednesday.

Consumer confidence in the eurozone's second-largest economy was steady at 96 in November. Analysts had expected confidence to decline slightly to 95.

Insee said it collected responses to its survey between Oct. 28 and Nov. 17, with only 7% of them coming after the terrorist attacks in Paris on Nov. 13.

French consumers in November said concerns about unemployment declined and living standards were higher. But the poll showed that households were less bullish about their ability to make large purchases.

EUR/USD was last at 1.0615 from 1.0682 before the reports.

EUR/GBP was last seen at 0.7042 from 0.7079 before the data.

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