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Forex News: Euro Eases After Eurozone Inflation Data

Euro Eases After Eurozone Inflation Data

08/31/2018 - 06:21:00 (RTTNews)

(RTTNews) - The euro eased from its early highs against its major counterparts in early European deals on Friday, after a data showed that Eurozone inflation moderated from a more than five-year high level in August.

Flash data from Eurostat showed that inflation eased to 2 percent from 2.1 percent in July. The annual rate was expected to remain at 2.1 percent, which was the highest since December 2012.

Core inflation that excludes energy, food, alcohol and tobacco, slowed marginally to 1 percent from 1.1 percent a month ago.

Separate data showed that the Eurozone unemployment rate remained unchanged in July, at the lowest since late 2008.

The jobless rate stood at 8.2 percent, the same rate as seen in June, and in line with expectations, but down from 9.1 percent in July 2017. This was the lowest rate recorded in the euro area since November 2008.

The currency was higher in the Asian session, as the European Central Bank member Ewald Nowotny remarked that concerns about Italy are unlikely to prevent the central bank from normalising its ultra-easy monetary policy.

"There is clearly no danger of deflation in the euro area, which allows a normalisation of monetary policy, which must be cautious, but which could be more decisive," Nowotny said at an economic event in Alpbach, Austria.

The single currency retreated to 0.8963 against the pound, from a high of 0.8988 touched at 3:25 am ET. The euro is likely to challenge support around the 0.88 level.

Data from the Nationwide Building Society showed that UK house prices decreased at the fastest pace since mid-2012 in August.

House prices fell 0.5 percent on a monthly basis in August, in contrast to a 0.7 percent rise in July. This was the first drop in three months and the biggest monthly fall since July 2012.

The common currency slipped to a 4-day low of 129.23 against the yen, after rising to 129.85 at 1:00 am ET. On the downside, 127.00 is likely seen as the next support level for the euro.

Data from the Ministry of Internal Affairs and Communications showed that overall consumer prices in the Tokyo region climbed 1.2 percent on year in August.

That beat forecasts for 1.0 percent and was up from 0.9 percent in July.

The euro pared gains to 1.1664 against the greenback, from a high of 1.1690 hit at 1:00 am ET. The euro is poised to find support around the 1.15 level.

The euro weakened to more than a 2-week low of 1.1270 against the franc and held steady thereafter. This follows a high of 1.1312 hit at 1:00 am ET. If the euro falls further, it may find support around the 1.10 level.

Looking ahead, Canada industrial product price index for July and University of Michigan's final consumer sentiment index for August are due in the New York session.

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