Euro rebounds from seven-week lows against dollar

2018-10-11 18:47:34 GMT (
Euro rebounds from seven-week lows against dollar

Euro rose in American trade away from August 20 lows against the dollar, following earlier data from both the euro zone and the US today.


As of 04:29 GMT, EUR/USD rose 0.50% to 1.1578, with an intraday low at 1.1520, and the highest since October 1 at 1.1535. 


Earlier French data showed consumer prices fell 0.2%, same as the preliminary reading and compared to a 0.5% increase in August, while the European Central Bank released the minutes of its September 12-13 meeting. 


At that meeting, the ECB voted to maintain the current minimum bid rate at zero, and the deposit rate at minus 0.40%.


The bank also kept its quantitative easing program at 30 billion euros a month, before cutting it in half starting next month and the one after. 


US Inflation, Labor Data 


Earlier US data showed consumer prices rose 0.1%, slowing down from 0.2%, while core prices rose 0.1%, also missing estimates of 0.2%. 


On a yearly basis, consumer prices rose 2.3%, slowing down from 2.7%, while core prices rose 2.2%, below expectations of 2.3%. 


Unemployment claims rose 7 thousand in the week ending October 6 to 214 thousand, while continuing claims rose 4K in the week ending September 29 to 1.660 million.

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