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Forex News: Euro Mixed After Eurozone Consumer Price Inflation

Euro Mixed After Eurozone Consumer Price Inflation

09/29/2017 - 06:00:00 (RTTNews)

(RTTNews) - The euro came in mixed against its major opponents in the early European session on Friday, after data showed that Eurozone inflation held steady in September.

Flash data from Eurostat showed that inflation came in at 1.5 percent in September, the same rate as seen in August. Economists had forecast the rate to rise slightly to 1.6 percent.

Inflation continues to stay well below the European Central Bank's target of 'below, but close to 2 percent'.

Core inflation that excludes energy, food, alcohol and tobacco, eased marginally to 1.1 percent from 1.2 percent in the previous month.

The currency received some boost after data showed that German jobless rate fell to a new record low in September.

Data from the Federal Labor Agency revealed that the number of people out of work decreased by 23,000 in September compared to the expected drop of 5,000.

The jobless rate fell to 5.6 percent, the lowest since reunification in 1990. The rate was forecast to remain unchanged at 5.7 percent.

The Spanish region of Catalonia will vote for a referendum this Sunday despite stiff opposition from Spanish government.

Catalan President Carles Puigdemont said he will proclaim independence from Spain in the event of a victory for the yes campaign.

The euro was trading in a positive territory in the Asian session, with the exception of the greenback.

The euro advanced to 132.88 against the Japanese yen, from a session's low of 132.29, and held steady thereafter. The pair finished Thursday's deals at 132.37.

Data from the Ministry of Land, Infrastructure, Transport and Tourism revealed that Japan's housing starts declined unexpectedly in August.

Housing starts decreased 2 percent year-on-year in August, confounding expectations for an increase of 0.6 percent. Housing starts had declined 2.3 percent in July.

The single currency hit a 3-day high of 1.1809 against the greenback at 3:30 am ET and traded steadily thereafter. At yesterday's close, the pair was valued at 1.1786.

The common currency spiked up to a 4-day high of 0.8828 against the pound, compared to 0.8766 hit late New York Thursday. The next possible resistance for the euro-pound pair is seen around the 0.895 area.

Data from the Bank of England showed that UK mortgage approvals declined in August.

The number of mortgage approvals fell more-than-expected to 66,580 in August from 68,452 in the previous month. The expected level was 67,300.

The euro remained higher against the Swiss franc with the pair trading at 1.1458. This may be compared to a low of 1.1430 hit at 6:00 pm ET. On the upside, 1.17 is possibly seen as the next resistance level for the euro-franc pair.

Looking ahead, Canada GDP data for July and industrial product price index for August, as well as U.S. personal income and spending data for August and University of Michigan's final consumer sentiment for September are due in the New York session.

At 8:00 am ET, the Bank of England Deputy Governor Jon Cunliffe will speaks at the Single Resolution Board Conference at Brussels.

At 8:30 am ET, BOE Deputy Governor Ben Broadbent participate in a panel discussion titled "The future of central bank independence" at the Bank of England's conference celebrating 20 years of independence, in London

At 11:00 am ET, Federal Reserve Bank of Philadelphia President Patrick Harker speaks about the economic outlook and financial technology at the Fintech conference hosted by the Federal Reserve Bank of Philadelphia.

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