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Forex News: Euro Mixed After Eurozone Inflation Data

Euro Mixed After Eurozone Inflation Data

12/18/2019 - 05:54:00 (RTTNews)

(RTTNews) - The euro showed mixed trading against its major counterparts in the early European session on Wednesday, after a data showed that Eurozone inflation accelerated as initially estimated in November.

Final data from Eurostat showed that inflation rose to 1 percent in November from 0.7 percent in October. The rate came in line with the flash estimate.

On a monthly basis, consumer prices dropped 0.3 percent in November, as estimated.

Core inflation that excludes energy, food, alcohol and tobacco, climbed to 1.3 percent from 1.1 percent in October. The core rate also matched flash estimate.

Data from Destatis showed that Germany's producer prices declined for the third month in a row in November.

The producer price index fell 0.7 percent year-on-year in November, following a 0.6 percent decrease in October. Economists had expected the prices to fall 0.6 percent.

The currency dropped against its major counterparts in the Asian session, except the pound.

The euro held steady against the greenback, after falling to a 2-day low of 1.1127 at 4:00 am ET. At yesterday's close, the pair was worth 1.1149.

Following a 2-day decline to 121.76 against the yen at 4:00 am ET, the euro held steady in subsequent deals. The pair was quoted at 122.07 at yesterday's close.

Extending early decline, the euro weakened to 1.0908 against the franc, which was its lowest since November 15. The euro is poised to challenge support around the 1.07 mark.

After rising to a 2-week high of 0.8517 against the pound in the previous session, the euro pulled back and held steady thereafter. The pair had finished yesterday's deals at 0.8489.

Data from the Office for National Statistics showed that UK consumer prices increased at a steady pace in November, as expected, while output price inflation continued to ease.

The consumer price index rose 1.5 percent year-on-year, the same pace of increase as seen in October. The rate remained below the Bank of England's 2 percent target.

Looking ahead, Canada consumer inflation data for November will be featured in the New York session.

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