Euro is rising ahead of European inflation data


Euro rose at European Markets on Thursday against a basket of world currencies, to continue hiking for the second day in a row against the US dollar, prior to the release of significant data on the European inflation over the month of November, which provides new indicators about the future of stimulus policies in the Eurozone. The Sterling jumped to its highest level over two months against the US dollar, amid strong expectations that an agreement would be concluded between the British government and the European Union on separation. 

 

Euro rose by about 0.2% against the US dollar as of 08:15 GMT, trading at $ 1.1865, the today’s trading opening price was $ 1.1845, the highest $ 1.1875 and the lowest $ 1.1843.

 

Euro ended yesterday’s trading up by less than 0.1% against the US dollar, in its first gain in three days, as a part of recovery processes, from a one-week low of $ 1.1817.

 

Euro hiked to the highest level of $ 1.1961 over two months against the US dollar on Monday, supported by confirmed information about the German economy, the largest economy in the Eurozone, in concurrence with the announcement of forming a new government led by Chancellor Angela Merkel.

 

Investors are looking forward to the release of important data from Europe about the inflation rates in the region over the month of November. The positiveness of such data will help the European currency to continue rising against a basket of world currencies.

 

The preliminary reading of the Consumer Price Index of November will be released by 10.00 GMT, which is expected to rise by 1.6% from the 1.4% rise in October, and expected to rise by 1.0% from 0.9% if food and fuel prices are excluded.

 

The Sterling rose by 0.6% against the US dollar as of 08:27 GMT, trading at $ 1.3460, the today’s trading opening price was $ 1.3408, the high at $ 1.3480, which is the highest level since the 26th of September, and the low at $ 1.3405. 

 

The Sterling continued rising for the third consecutive day against the US dollar, to reach its highest level over two months of $ 1.3480, amid strong expectations that an agreement between the British government and the European Union would be reached on the separation, such agreement will be announced soon along with the implied consequences to be borne by Britain for leaving the Union.