Loonie picks up after European Union reports improvement in economy

TORONTO – The Canadian dollar inched higher early Wednesday after the European Union said the longest recession in its history has ended.

The Canadian dollar was ahead 0.18 of a cent to 96.82 cents US shortly at midmorning..

The EU statistics office reported that the 17 countries that use the euro saw economic output grow by 0.3 per cent in the second quarter. It’s the first growth recorded since late 2011.

“By no means do today’s data suggest the Eurozone’s economic struggles are over,” wrote CIBC World Markets economist Emanuella Enenajor in a note.

“With consumers, particularly in peripheral countries, struggling under the burden of elevated joblessness, the quarterly trajectory for Eurozone growth could be choppy.”