Forex

Euro rebounds from seven-week low against dollar

2018-10-10 17:36:03 GMT (Economies.com)

Euro rose in American trade away from August 20 lows against the greenback, following earlier data from the euro zone and the US. 

 

As of 03:42 GMT, EUR/USD rose 0.36% to 1.1532, with an intraday high at 1.1535, and a low at 1.1480. 

 

Earlier French data showed industrial output rose 0.3%, slowing down from 0.8% in July, while Italian output rose 1.7%, compared to a 1.6% tumble in July. 

 

The German government cut its growth forecasts to 1.8% for this year and the next, while expecting inflation to amount to 1.8% this year before accelerating to 2.05% in 2019. 

 

Italian deputy prime minister Matteo Salvini said the government won't back down from its current budget and won't back from reforms to retirement and tax cuts, expressing confidence that Italian bond yields won't hit 400 basis points. 

 

US Inflation Data 

 

Earlier US data showed producer prices rose 0.2% as expected in September, compared to a 0.1% dip in August, while core prices rose 0.2% as well, matching estimates. . 

 

The final reading for wholesale inventories showed a 1% increase, compared to the preliminary reading's 0.8%, and adding to July's 0.6% increase. 

 

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