Euro climbs off week lows versus dollar

Euro rose in American trade of October 9 lows against the greenback, following earlier data from the euro zone and the US today. 

As of 03:36 GMT, EUR/USD rose 0.31% to 1.1489, with an intraday high at 1.1500, and a week low at 1.1433. 

Earlier euro zone data showed the current account surplus rose to 23.9 billion euros from 19.5 billion, besting estimates of 21.4 billion. 

The European Commission asked Italian authorities to officially explain their guideline-breaking budget deficit for 2019, noting that such a breach of rules is unprecedented, and demanding that Rome responds by October 22.

Italian government bond yields rose to February 2014 highs at 3.74% as the EU hammers Italy for proposing a budget deficit of 2.4% for 2019, above the 2% EU limit. 

Otherwise, EU Chief Brexit negotiator Michel Barnier said that 90% of the Brexit deal has already been done with the British government, however he warned that the Irish borders issue could still derail talks. 

On another note, US existing home sales fell 3.4% in September to an annualized 5.15 million units, compared to a 0.2% dip in August to 5.33 million, while analysts expected a 0.9% drop to 5.29 million units. 

The Federal Reserve recently released the minutes of its September 25-26 meeting, at which the Federal Open Market Committee voted to increase interest rates by 25 basis points for the third time this year to just below 2.25% as expected, while carrying on plans to normalize the balance sheet. 

The Fed forecast another rate hike this year, and three more next year, and another in 2020, as the economy blisters ahead.