Euro rises to two-week high after ECB

2018-09-13 18:13:31 GMT (Economies.com)
Euro rises to two-week high after ECB

Euro rose in American trade away from August 21 lows against the greenback, following earlier data from the euro zone and the US, while the European Central Bank just wrapped up its policy meeting. 

 

As of 03:59 GMT, EUR/USD rose 0.42% to 1.1675, with an intraday low at 1.1609, and the highest since August 30 at 1.1701. 

 

Earlier German data showed consumer prices rose 0.1% as expected in August, down from 0.3%, while French consumer prices rose 0.5% as expected as well, improving from a 0.1% dip in July. 

 

The European Central Bank voted today to hold the main refinancing rate at zero, the deposit rate at minus 0.40%, and the quantitative easing program at €15 billion a month until December. 

 

At the post-meeting press conference, ECB President Mario Draghi expected interest rates to remain unchanged until summer 2019 or longer if needed. 

 

He also maintained inflation estimates until 2020 and cut growth forecasts for this year and the next, noting that the risks of the trade dispute with the US are becoming more pronounced. 

 

US Inflation, Labor Data  

 

Earlier US data showed consumer prices rose 0.2% m/m in August, same as July, while core prices rose 0.1%, slowing down from 0.2%. 

 

On a yearly basis, consumer prices rose 2.7%, slowing down from 2.9%, while core prices slowed down as well to 2.2% from 2.4%. 

 

Unemployment claims fell a thousand in the week ending September 8 to 204 thousand, while continuing claims fell 15 thousand to 1.696 million.

 

Federal Reserve Governor Randal Quarles testified today on the implementation of the economic growth, regulatory relief, and the Consumer Protection Act before the Senate Banking Committee, in Washington DC, while Federal Reserve Bank of Atlanta President Raphael Bostic spoke about the economic outlook and monetary policy at the Mississippi Council of Economic Education. 

 
 
 
  Symbol Last Change Chg.%
1.1756
0.0125
1.0769%
1.3237
0.0167
1.2758%
14.262
0.195
1.386%
70.510
1.522
2.207%
78.75
-0.64
0.81%
1205.395
11.620
0.973%
 
 
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