Euro hits five-month low against dollar

2018-05-15 18:02:33 GMT (
Euro hits five-month low against dollar

Euro fell in American trade to December 22 lows following a basket of data from the euro zone and the US, and ahead of a speech by Federal Reserve Bank of San Francisco President John Williams later today. 


As of 03:38 GMT, EUR/USD fell 0.50% to 1.1867 from the opening of 1.1927, with an intraday high at 1.1938, and a five-month low at 1.1820. 


Earlier German data showed the preliminary reading for GDP growth down to 0.3% from 0.6% in the fourth quarter, while French consumer prices rose 0.2% in April, down from 1% in March and beating forecasts of 0.1%. 


For the whole zone, industrial production rose 0.5% in March, compared to a 0.9% drop in February, while analysts expected a 0.6% rise. 

The ZEW economic sentiment survey for May dipped in Germany and beat expectations for the whole zone, as GDP growth for the zone rose 0.4% as expected in the first quarter. 


European Central Bank member Benoît Cœuré said in earlier remarks that the ECB expects no change in interest rates for a long time and continued support for monetary easing. 


Otherwise, the International Monetary Fund warned from some medium-term risks for the euro zone economies, even though they're on road to achieve solid growth, while encouraging east European countries to get ready for a phase of policy tightening. 


Otherwise, earlier US data showed retail sales rose 0.3% m/m, slowing down from 0.8% in March, and missing expectations of 0.4%, while core sales slowed down as well to 0.3% from 0.4%, missing estimates of 0.5%. 


The Empire State Manufacturing Index rose to 20.1 from 15.8 in April, beating forecasts of 15.1, while business inventories were unchanged, compared to a 0.6% rise in March, while analysts expected a 0.2% increase.


The NAHB Housing Market Index rose to 70 in line with expectations in May from 68 in April. 

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