News Column

Euro Mixed After Eurozone CPI Data

June 16, 2014

BRUSSELS (Alliance News) - The European currency showed mixed trading against the other major currencies in the European session on Monday after the release of a report on Eurozone inflation in May.

Eurozone inflation slowed as estimated in May, final data from Eurostat showed.

Inflation eased to 0.5% in May from 0.7% in April. The rate came in line with the flash estimate published on June 3. Month-on-month, prices fell 0.1%.

Inflation has been below the European Central Bank's target of 'below, but close to 2%' for the sixteenth consecutive month.

The euro rose to 0.7977 against the pound, from nearly a 1-1/2 year low of 0.7958. The pair closed last week's deals at 0.7973. If the euro extends its gain, it is likely to find resistance around the 0.80 zone.

The euro held steady against the US dollar, after falling to a 4-day low of 1.3511 around 3:25 am ET. The pair closed last week's deals at 1.3539.

The euro fell to 1.2173 against the Swiss franc, from an early high of 1.2187.The next possible support for the euro is seen at 1.20.

The euro held steady against the yen, following a 4-month low of 137.70 hit around 3:25 am ET. The pair closed last week's deals at 138.03. Looking ahead, Canadian existing home sales and US industrial production and manufacturing production- all for May and NAHB housing market index for June are due to be released in the New York session.

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Source: Alliance News

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