Euro powers up to 3-year high against dollar
2018-01-12 18:14:14 GMT (
Euro powers up to 3-year high against dollar

Euro rose nearly one percent to the highest since December 31, 2014 against the dollar, following earlier data from the the euro zone and the US, the world's largest economy.


As of 03:31 GMT, EUR/USD rose 0.87% to 1.2137 from the opening of 1.2032, with a 14-month peak at 1.2149, and a session-low at 1.2031. 


Earlier French data showed the final reading for consumer prices up 0.3% in line with expectations in December, compared to a 0.1% rise in November, while Italian industrial production was unchanged in November, missing expectations of a 0.6% increase. 


On another note, European Commission President Jean-Claude Juncker expressed his happiness after German parties reached an initial deal to form a governing coalition there, asserting the deal would be very good for Europe, between Angela Merkel's Christian Democrats and the Socialist Democratic party. 


The European Central Bank released the minutes of its December 14 meeting, at which policymakers voted to hold the bidding rate unchanged at zero and the deposit rate at minus 0.4%, while trimming the assets purchase program to 30 billion euros from 60 billion starting this year.  


Otherwise, earlier US data showed US retail sales rose 0.4% m/m in December, slowing down sharply from 0.9% in November, revised from 0.8%, while analysts expected a 0.5% increase. 


Core sales rose 0.4%, besting expectations of 0.3%, while still sharply down from November's 1.3% increase, revised from 1%.


 US consumer prices rose 0.1% in December in line with expectations, slowing down from 0.4% in November. 


Core prices, excluding food and fuel, rose 0.3% m/m, besting expectations of 0.2%, and up from November's 0.1% rise. 

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