Euro on track for highest weekly close in 18 months
2017-07-14 17:55:49 GMT (
Euro on track for highest weekly close in 18 months

Euro rallied past 1.14 against the dollar in American trade, heading for the highest weekly close since April 24, 2016, following earlier data from the euro zone and the US, the world's largest economy.


As of 06:09 GMT, EUR/USD rose 0.54% to 1.1459 from the opening of 1.1398, with an intraday high at 1.1468, and a low at 1.1392. 


Earlier euro zone data showed Italian trade surplus widening unexpectedly in May, while the whole region's trade surplus rose to 19.7 billion euros from 18.6 billion in April, missing forecasts of 20.3 billion. 


Earlier US data showed consumer prices slowing down on a yearly basis in June, while retail sales fell further unexpectedly last month. 


US industrial production grew more than expected in June, while the Capacity Utilization Rate rose below expectations, as business inventories matched expectations in gains, while the preliminary UoM consumer sentiment survey fell unexpectedly in July. 


The mostly negative data came after Federal Reserve Chair Janet Yellen presented the second part of her Congressional testimony about monetary policy ahead of the Senate Banking Committee yesterday, and now could force the Federal Open Market Committee to hold on tightening the policy in the July 25-26 meeting, weighing on the greenback today.

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