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Euro Stable After Inflation Report 71 days ago
(RTTNews) - The European currency stabilized in early trading on Monday following a preliminary data from Eurostat showed that the euro-zone consumer prices returned to a positive territory in November.
Eurozone consumer prices rose 0.6% year-on-year in November, recovering from a 0.1% decline in the previous month. Economists were looking for an increase of 0.5%. Final CPI data is due on December 16.
Inflation in the 16-nation bloc was in the negative territory since June. Meanwhile, the European Central Bank aims to keep inflation rates below, but close to 2% over the medium term.
Elsewhere, Italy's consumer price index or CPI including tobacco rose 0.7% year-on-year in November, a preliminary report from Istat showed today. Economists had expected 0.8% rise. On a monthly basis, the CPI rose 0.1%, slightly less than the 0.2% growth economists predicted.
The French statistical office INSEE announced today that the producer price index or PPI for domestic market increased 0.8% month-on-month in October, after falling 0.3% in September. Economists were looking for an increase of 0.2%.
On an annual basis, the PPI for domestic market decreased 6.6% in October, compared to the 8.1% fall in the previous month. Economists expected a decline of 7.3%.
The euro that jumped to a 4-day high of 130.84 against the Japanese yen in the early Asian session reversed its course thereafter. The euro then drifted lower to 129.15 against the euro before snapping back again around 3:20 am ET. The euro-yen pair moved mostly sideways after the inflation reports and is currently quoted at 129.84. The pair closed last week's deals at 129.42.
Industrial production in Japan was up 0.5 percent on month in October, the Ministry of Economy, Trade and Industry said in a preliminary report today, posting an index score of 89.9. That was sharply lower than analyst expectations for a 2.5 percent increase following the 2.1 percent gain in September.
Against the Swiss franc, the European currency saw choppy in early trading today. The euro-franc pair, which closed Friday's deals at 1.5059, moved mostly in a range between 1.51 and 1.505 in the session. Currently, the euro is trading at 1.5074 versus the franc.
The euro halted its recent rally against the UK currency after hitting a 5-week high of 0.914 around 6:25 am ET. The euro-pound pair that was worth 0.909 at Friday's close is currently quoted at 0.9113.
British consumer confidence eased moderately in November, a report from the market research firm GfK NOP showed today. The consumer confidence index stood at minus 17 compared to minus 13 in the previous month. This is the first decline in the index since January. A year ago, the index stood at minus 35.
Meanwhile, house prices in the United Kingdom were up 0.2% on month in November, property website Hometrack reported today. On an annual basis, home prices declined 2.9% after the 4.2% contraction in the previous month.
The number of mortgages approved for house purchase in the UK totaled 57,345 in October, larger than September's 56,205, the Bank of England said today. Mortgage approvals for October stood below the expected level of 57,500.
The euro that rose to a 4-day high of 1.5085 against the US dollar in the Asian session pared gains shortly. The euro-buck pair then drifted lower to 1.5023 before moving on holding pattern around 3:40 am ET. The pair is presently worth 1.503, compared to 1.4964 hit late New York Friday.
Turning to the US, the results of the National Association of Purchasing Management-Chicago's business survey for November are scheduled to be released at 9:45 AM ET. Economists expect the business barometer index based on the survey to come in at 53.0.
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