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Disappointing Data Sends U.S. Dollar Higher

The euro and sterling nursed losses early on Wednesday after disappointing data out of Germany and Britain took a heavy toll on both currencies, helping send the dollar index higher.

The common currency fell to $1.2640 from a near one-week high of$1.2770 after a closely watched ZEW survey showed German analyst and investor morale fell below zero for the first time in nearly two years in October.

Adding to the gloom, the German government cut its growth forecasts, euro zone industrial production fell, and Fitch warned it may cut France’s credit ratings, saying the outlook for the country’s economy had deteriorated.  Those factors added to worries about global growth at a time when the U.S. Federal Reserve is unwinding its massive stimulus program.

CNBC [1]

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