Euro Weakens As German Inflation Eases More Than Expected
November 29 2023 - 8:14AM
RTTF2
The euro fell against its major counterparts in the New York
session on Wednesday, as German inflation eased in November to the
lowest level in nearly two-and-a-half years.
Data from Destatis showed that the consumer price index
registered an annual increase of 3.2 percent in November, following
a 3.8 percent rise in October.
This was the lowest rate since June 2021, when inflation stood
at 2.4 percent and was also weaker than economists' forecast of 3.5
percent.
On a monthly basis, consumer prices dropped 0.4 percent versus
an expected fall of 0.2 percent.
Eurozone inflation data is due tomorrow, with economists
expecting a further drop in the headline and core measures of
inflation.
The euro declined to an 8-day low of 161.52 against the yen,
3-week low of 0.9597 against the franc and a 1-1/2-month low of
0.8642 against the pound, off its early highs of 162.25, 0.9653 and
0.8662, respectively. The euro is seen finding support around
156.00 against the yen, 0.94 against the franc and 0.84 against the
pound.
The euro fell to 1.0960 against the greenback, reversing from an
early 3-1/2-month high of 1.1017. The currency is likely to locate
support around the 1.05 level.
In contrast, the euro was higher against the loonie, at 1.4924.
On the upside, 1.52 is likely seen as its next resistance
level.
The euro recovered to 1.7860 against the kiwi, from an early
1-1/2-month low of 1.7735. If the currency rises further, it may
locate resistance around the 1.82 level.
The euro held steady against the aussie, after touching a 2-day
high of 1.6604 in the European session. This may be compared to a
fresh 3-week low of 1.6497 seen in the Asian session.
Euro vs NZD (FX:EURNZD)
Forex Chart
From Jun 2024 to Jul 2024
Euro vs NZD (FX:EURNZD)
Forex Chart
From Jul 2023 to Jul 2024
