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Euro zone current account surplus narrows to €13.1 billion

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Investing.com -

Investing.com - The euro zone's current account surplus narrowed more than expected in June to hit the lowest level in 20-months, official data showed on Tuesday.

In a report, the European Central Bank said that the euro zone current account recorded a seasonally adjusted surplus of €13.1 billion in June, narrowing from a surplus of €19.8 billion in May.

Economists had expected the region's current account surplus to narrow to €19.0 billion in June.

The seasonally adjusted 12-month cumulated current account for the period ending in June recorded a surplus of €226.7 billion, 2.4% of euro area GDP, compared with one of €198.4 billion, 2.1% of euro area GDP for the previous 12-month period.

Following the release of the data, the euro held to losses against the U.S. dollar, with EUR/USD shedding 0.1% to trade at 1.3349.

Meanwhile, European stock markets were higher. The DJ Euro Stoxx 50 rose 0.35%, France's CAC 40 inched up 0.35%, London's FTSE 100 tacked on 0.45%, while Germany's DAX advanced 0.9%.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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