Euro Steady Above $1.23 Following Monday's Sharp Drop

The euro made its way back above $1.23 on Tuesday morning after falling sharply on Monday. The common currency traded at $1.2362 at 8:00 GMT as the region continued to struggle with a sputtering economy.

Industrial production data from Germany added to a growing list of economic indicators from the bloc’s largest economy that suggest the nation is struggling to maintain its growth. On Monday, Germany’s Ministry of Economy released a report showing that industrial output increased by just 0.2 percent in October, below expectations of a 0.3 percent rise. Though the figures missed the mark, investors were comforted by the fact that October’s data marks the second consecutive month of growth since the figure fell 2.3 percent in August.

Also on Monday, the region’s finance ministers decided to continue Greece’s bailout program until the end of February, a two month extension. The Wall Street Journal reported that the decision was made in hopes that the nation will use the extra time to enact necessary budget cuts and help float the economy through Greece’s December 17 elections.

So far, Greece has received around 240 billion euros in aid over the past four years and Greek officials are eager to exit the program. The nation’s budget has been a source of conflict over the past few months as Athens claims the budget has been sured up while the nation’s creditors have been calling for another 1.5 billion euros to be cut. With presidential elections coming up, Greek officials are reluctant to cut any further.