The euro zone’s current account surplus widened unexpectedly in October to hit the highest level in six months, official data showed on Thursday.
In a report, the European Central Bank said that the euro zone current account recorded a seasonally adjusted surplus of EUR21.8 billion in October, widening from a surplus of EUR14.9 billion in September, whose figure was revised up from a previously reported surplus of EUR13.7 billion.
Economists had expected the region’s current account surplus to narrow to EUR14.2 billion in October.
The seasonally adjusted 12-month cumulated current account for the period ending in October 2013 recorded a surplus of EUR208.3 billion, 2.2% of euro area GDP, compared with a surplus of EUR109.8 billion, 1.2% of euro area GDP, for the previous 12-month period.
Following the release of the data, the euro was modestly lower against the U.S. dollar, with EUR/USD shedding 0.06% to trade at 1.3677.
Meanwhile, European stock markets remained higher. The EURO STOXX 50 rallied 1.8%, France’s CAC 40 jumped 1.5%, London’s FTSE 100 advanced 0.95%, while Germany''s DAX surged 1.6%.
Please LIKE our Facebook page - it makes us stronger: