EUR/USD Finds Support Despite Eurozone Inflation Woes
The euro was trading higher Monday, as the forex market absorbed disappointing Eurozone inflation data ahead of an active week of trade headlined by the Federal Reserve monetary policy meetings.
Eurozone inflation eased back to rate-cut levels, official data from the European Commission showed today. Consumer price inflation in February rose at an annual rate of 0.7 percent, the same level that prompted the European Central Bank to slash interest rates last November. The so-called core measure rose 1 percent annually, official data showed.
In the United States, industrial production rebounded strongly last month, led by the biggest surge in manufacturing output since last August. Meanwhile, homebuilder sentiment remained largely negative this month, according to the National Association of Home Builders.
The Federal Reserve is expected to make headlines this week when it meets in Washington to discuss monetary policy. Since December, the Fed has reduced its monthly bond buying program by $20 billion. Policymakers are likely to discuss whether the broad slowdown this winter was due to inclement weather or some other underlying trend.
The EURUSD pair jumped to a high of 1.3946 at the start of the North American session. The pair, having gained more than 1 percent since mid-February, remained supported above the 1.39 handle. As of 18:45 GMT, the pair was trading at 1.3922, a gain of 17 pips.
The euro also had the upper hand on the British pound. The EURGBP pair traded within a narrow range of 0.8342-0.8379. As of 18:45 GMT, the pair was trading at 0.8370, a gain of more than 0.1 percent.
- Christopher Brody to Step down From Intuit Board of Directors; Richard Dalzell Nominated 1 view
- US Industrial Production Growth Stalls 1 view
- LNB Bancorp, Inc. Shareholders Vote to Approve Merger with Northwest Bancshares Inc. 1 view
- Sterling Slides as Minutes Reveal Hawkish Central Bank that is Not Yet Ready to Act 1 view
- US Dollar Steadies at 6-Year Highs 1 view
- Philips Selects Revolutionary Voice Recognition Software from VoiceItt as Winner of Annual Innovation Fellows Competition 1 view
- US Pension Fund Fitness Tracker: No Reversal in Q4, Funding Ratios Decline for Fourth Consecutive Quarter 1 view
- Exactech Launches Octane(R) Elevate Peek Spacer System For Lumbar Interbody Fusion Procedures 1 view
- Euro Declines on Weak PMI Ahead of Jobs Report, RSI is Oversold 1 view
- JPY weaker on BoP, SEK inflation in focus 1 view
|Forex Broker Spreads »|
|Most Popular Articles »|
- Stocks Notch Up Losses for a Third Consecutive Session 1 view
- Veeco Launches EPIK700 MOCVD System to Accelerate Adoption of Solid-State Lighting 1 view
- Loonie Poised to Gain Ground on Strong Employment Report 1 view
- Mellanox Provides Leading Application Performance with FDR InfiniBand for HPC-Purpose Built Dell PowerEdge C4130 1 view
- Harris Warsaw Joins Pitney Bowes as Senior Vice President of Sales, Global SMB Solutions 1 view
- US Housing Data Steps into the Spotlight 1 view
- Steady Reading On French Inflation 1 view
- AUD/USD climbs ahead of the Reserve Bank of Australia 1 view
- Sam’s Club to Offer LifeLock(R) Identity Theft Protection 1 view
- FOREX Watch: US dollar breaks sticking point 1 view