European Union Economic Summit March 2013

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Euro stocks up

European shares rose in value on Thursday, continuing a recent surge to multi-year highs.

The EU summit could influence the stock market Thursday and Friday.

EU Summit

Summit The European Union Economic Summit kicks off Thursday, as leader’s from the 17-nation union gather together to discuss Europe’s debt crises.

The meetings will last through Friday March 15th. The focus is expected to be on unemployment and austerity (the governments frugality in spending) in the euro-zone.

“Substantial progress is being made toward structurally balanced budgets and must continue,” According to the draft for the summit, prepared last week. (Bloomberg)

The Euro’s Value

Weak production figures for the euro-zone, along with weak employment figures are manifesting in a weak Euro. Strong retail sales and employment figures for the U.S. Dollar are adding to it’s recent strength.

The EURUSD is hitting 3 month lows and looks like it is on it’s way back into the 1.28s.

The USDJPY is also on it’s way to new highs. Feel free to leave comments below on what you think about the JPY weakness in the Forex market and the current state of the euro crises.

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