Euro settles higher ahead of Fed's decisions

2018-11-08 18:48:13 GMT (
Euro settles higher ahead of Fed's decisions

Euro tilted higher in American trade following a spate of data from the euro zone and the US, and ahead of the Federal Reserve's policy decisions today. 


As of 03:37 GMT, EUR/USD barely inched up to 1.1429, with an intraday high at 1.1447, and a low at 1.1404. 


Earlier German data showed the trade surplus shrank to 17.6 billion euros from 18.2 billion in August, while France's trade deficit steadied at 5.7 billion euros. 


The European Commission released its biannual growth forecasts, maintaining 2018 forecasts at 2.1%, and 2020 at 1.7%, while cutting 2019 estimates to 1.9% from 2.0% due to Italy's tensions. 


The Commission raised inflation estimates to 1.8% for 2018, while cutting them to 1.7% in 2019, and maintaining them at 1.6% for 2020, while expecting Italy's budget deficit to reach 1.9% in 2018, before widening to 2.9% in 2019, and 3.1% in 2020. 


Italian Prime Minister Giuseppe Conte responded to these estimates by dismissing any causes to doubt the official Italian forecasts, adding the EU has deliberately ignored the positive impact of the suggested budget on the economy. 


US Labor Data 


Earlier US data showed unemployment claims for the week ending Saturday down to 214 thousand as expected from 215K, while continuing claims for the week ending October 27 fell to 1.632 million from 1.631 million. 


The Federal Open Market Committee is wrapping up its policy meeting today, with analysts expecting no change in overnight interest rates at below 2.25% after increasing them by 25 basis points for the third time this year at the last meeting. 

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