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Forex News: Euro Muted After Eurozone Inflation Data

Euro Muted After Eurozone Inflation Data

08/30/2019 - 06:49:00 (RTTNews)

(RTTNews) - The euro showed muted trading against its major counterparts in the European session on Friday, after the release of a data showing that inflation in the euro area held steady in August.

Flash estimates from Eurostat showed that inflation came in at 1.0 percent, unchanged from July. The rate was in line with expectations.

Core inflation, which strips out the volatile energy, food, alcohol & tobacco prices, remained at 0.9 percent. Economists had forecast 1 percent.

Another report from the statistical office showed that the euro area unemployment rate was stable in July.

The jobless rate held at 7.5 percent in July, same as in the previous month. The rate matched forecasts.

Figures from Destatis showed that Germany's retail sales declined at the fastest pace seen so far this year in July.

Retail turnover decreased a faster-than-expected 2.2 percent month-on-month, reversing a 3 percent rise in June. Sales were forecast to drop 1.4 percent.

European stocks advanced as Giuseppe Conte returned as Prime Minister to form a new government in Italy and new signs of U.S.-China trade talks emerged.

Investors also cheered media reports suggesting that Germany is seeking to cap its corporate tax burden at 25 percent.

The currency dropped against its major opponents in the previous session, excepting the franc.

The euro declined to a new 4-week low of 1.1033 against the greenback and held steady thereafter. The pair had ended Thursday's trading at 1.1057.

The euro pulled back to 117.35 against the yen, from an early high of 117.82, and held steady thereafter. At yesterday's close, the pair was worth 117.76.

Data from the Ministry of Land, Infrastructure, Transport and Tourism showed that Japan's housing starts fell in July after rising in the previous month.

Housing starts decreased 4.1 percent year-on-year in July, after a 0.3 percent rise in June. Economists had forecast the housing starts to fall 5.4 percent.

The euro held steady against the franc, after rising to a weekly high of 1.0922 at 4:00 am ET. At Thursday's close, the pair was valued at 1.0909.

The European currency was trading at 0.9059 against the pound, compared to yesterday's closing value of 0.9076. The euro is seen finding support around the 0.88 level.

Data from the Bank of England showed that UK mortgage approvals rose to a two-year high in July and mortgage lending grew the most in more than three years.

The number of mortgages approved in July rose to 67,306 from 66,506 in June. This was the highest since July 2017 and above the forecast of 66,100.

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

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