Euro settles lower versus dollar

2017-11-13 18:38:36 GMT (
Euro settles lower versus dollar

Euro tilted lower against the dollar in American trade following earlier data from the euro zone, and amid a lack thereof from the US, the world's largest economy, and after a speech by Federal Open Market Committee member Patrick Harker. 


As of 05:51 GMT, EUR/USD shed 0.06% to 1.1658 from the opening of 1.1665, with an intraday low at 1.1638, and a high at 1.1675. 


Earlier German data showed wholesale prices steadied at zero, compared to a 0.6% growth rate in August, while analysts expected a 0.4% rise, while European Central Bank member Constancio said in earlier remarks that the ECB didn't achieve its policy goals in a full way, therefore it should carry on the easing policies. 


Constancio said the euro zone's economic recovery is strong and flexible and wide-scaled, noting that financial risks in the region are still existing despite the rise in confidence to decade highs last month. 


On another note, the International Monetary Fund noted earlier today on the subject of Brexit that a failure in negotiations between the two sides would lead to lower growth in Britain and the European Union, while overall expecting accelerated growth in the euro zone, and nudging the ECB to gradually scale down the easing monetary program in case wages rose.  


Otherwise, Federal Open Market Committee member Patrick Harker said earlier in Tokyo that he expects an interest rate hike in the December 13-14 Fed meeting despite warnings from Fed policymakers regarding softening inflation in the US.  


Harker predicted the Fed to carry on its policy tightening and hike overnight interest rates for a third time this year to between 1.25% and 1.50%, or by 25 basis points, to ready for any future shock, ahead of US inflation data later this week for October, expected to show further softening. 


Otherwise, Federal Reserve Chair Janet Yellen, Bank of Japan governor Haruhiko Kuroda, Bank of England Governor Mark Carney, European Central Bank President Mario Draghi, are all due to participate in a panel discussion titled "At the heart of policy: challenges and opportunities of central bank communication" at the Central Bank Communications Conference hosted by the European Central Bank, in Frankfurt.


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