Forex

Euro plunges to 13-month nadir versus dollar

2018-08-10 15:27:23 GMT (Economies.com)

Euro tumbled below $1.15 in American trade to July 2017 lows, on track for the third weekly loss in a row, as strong US inflation data pave the way for two Federal Reserve rate hikes this year.

 

As of 02:32 GMT, EUR/USD fell 0.79% to 1.1436, with a session-high at 1.1536, and a 13-month nadir at 1.1415. 

 

Earlier French data showed industrial production rose 0.6% in June, the best since February, and compared to a 0.2% drop in May.

 

French private payrolls increased 0.2% in the second quarter, missing estimates of 0.3%, while Italian trade surplus rose to €5.07 billion in June from €3.37 billion, beating estimates of €3.41 billion. 

 

Earlier US data showed consumer prices rose 0.2% m/m in July as expected, accelerating from 0.1% in June, while core prices, excluding food and energy, rose 0.2% as expected with no change from June. 

 

On a yearly basis, consumer prices rose 2.9% as expected with no change as well, while core prices accelerated to 2.4% from 2.3%. 

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