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Euro stable in an uneventful European trade

Wednesday, Sep 09 2015
Economic growth in the eurozone is being underpinned by healthy household consumption, while businesses and government's remain reluctant to invest, despite the European Central Bank's monetary easing driving down benchmark borrowing costs.Domestic demand slowed during the second quarter, with household consumption easing and investment spending falling by 0.5% compared with the first three months of the year, a development that will worry policy makers since it hints at a loss of confidence among businesses and households.
 
Eurozone governments have identified increased investment spending as a priority for the currency area as part of its effort to halt a decline in the currency area’s longer-term growth potential.The revisions will likely come as a surprise to ECB rate setters. In a news conference last week, ECB President Mario Draghi painted a less upbeat picture of the Eurozone’s growth prospects, as the central bank’s economists cut their growth forecast for the year to 1.4% from 1.5%.
 
Euro is currently being traded 1.12 area. Pair is likely to find support around 1.1150 handle and resistance above 1.1230 level. Later today, in the US session, JOLTS Job Openings figures are scheduled for a release.
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