Euro Mixed After Eurozone Trade Data

Brussels (Feb 16)  The euro showed mixed trading against its major rivals following the release of Eurozone trade data for December. Traders await European finance ministers meeting in  Brussels  , due later in the day, for further talks about Greek debt funding.

The euro area trade surplus increased in December as the decline in imports was faster than a fall in exports, data from Eurostat showed.

The trade surplus increased to a seasonally adjusted  EUR 23.3 billion  in December from  EUR 21.6 billion  in November. Economists had forecast a surplus of  EUR 19 billion  .

While the Greek government is unwilling to extend the current bailout programme that expires on  February 28  , its international lenders are reluctant to concede too much to  Greece  . The  Eurogroup  meeting is aimed to find common ground with  Greece's  new government for solution to country's debt funding, and any negative outcome would pave way for a  Greece  exit from the eurozone.

German finance minister  Wolfgang Schäuble  played down hopes for imminent deal at the meeting, saying he is "very sceptical" that both parties would reach a compromise for Greek's financial assistance.

"They have elected a government which at the moment is behaving rather irresponsibly," Schäuble told with in an interview with German radio.

Recovering from an early low of 0.7379 against the pound, the euro edged up to 0.7426. The next possible resistance for the euro-pound pair is seen around the 0.75 mark.

The euro, which fell to a 4-day low of 134.97 against the yen in early deals, rebounded shortly and has been steady during the European session. The pair was worth 135.17 at last week's close.

The euro moved off from an early high of 1.1428 against the greenback and showed directionless trading in subsequent deals. The euro-greenback pair finished Friday's deals at 1.1382.

The euro remained firm at an early near 5-week high of 1.0644 against the Swiss franc, compared to 1.0618 hit at Friday's close.

US markets are closed for the  Presidents Day  holiday.

Source: KitcoNews