Euro falls for first time in three sessions versus dollar

2018-08-09 16:29:18 GMT (

Euro fell below 1.16 versus dollar in American trade following earlier data and developments from the US and the euro zone. 


As of 02:51 GMT, EUR/USD fell 0.27% to 1.1579, with an intraday high at 1.1610, and a low at 1.1576. 


Italian Premier Giuseppe Conte has promised to work on containing the fallout on Italian companies from new US sanctions in Iran, while noting that his government is considering a more rigorous stance against Iran, but asserted the importance of coordination with European partners on that regard. 


US Labor, Inflation Data 


Earlier US data showed producer prices were unchanged in July, compared to a 0.3% increase in June, and missing estimates of 0.2%. 


Core prices, excluding food and energy, rose 0.1%, while those excluding trade services as well rose 0.3%, indicating solid momentum in the economy. 


US unemployment claims fell surprisingly by 6 thousand to 213 thousand from 219K, beating expectations of an increase to 220K.


Continuing claims for the week ending July 28 rose 29 thousand to 1.755 million from 1.726 million, missing expectations of 1.730 million. 


The final reading for business inventories rose 0.1% in June, compared to no-change in in the preliminary reading, and improving from a 0.6% surge in May.


Accumulated inventories indicate poor demand and are considered a negative sign for the economy. 

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