(MENAFN– ecpulse)
The euro rose against the U.S. dollar on Thursday following the better-than-expected data ahead of the advanced reading of euro zone GDP tomorrow.
The European economy released today the final reading of consumer prices for October, where it showed stability in the pace of price changes in the Europe’s biggest economy, Germany, recording a decline by 0.3% on a monthly basis and 0.8% year-on-year.
In France, consumer prices rose 0.5% compared to the initial reading and expectations at an annualized 0.3% while prices steadied on monthly basis.
Finally, consumer prices in Spain showed an increase of 0.8% on a yearly basis, and 0.5% monthly. Harmonized CPI in Italy rose by 0.2% matching the expectations and previous reading.
The euro recouped some of yesterday’s losses after the economic data that showed stability of inflation in economies of the euro area in October.
On the weekly chart, the euro consolidated in conjunction with the weak economic data, but remains on hold ahead of the advanced GDP reading of growth, due to be released Friday.
As of 09:08 GMT, the euro rose 0.27% against the dollar, trading around 1.2469, compared to the opening levels 1.2437.
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