Euro Stays Stable After Eurozone’s Inflation Data
The euro fell slightly today, but remains stable. The euro/dollar pair is trading at 1.1730. The euro rose to the highest level since January 2015 (1.7777) at the end of last week. This growth of the European single currency was caused by the weakness of the US dollar.
Inflation in the euro area remained stable in July. Eurostat data showed that inflation was 1.3% in July. German indicators started the week on a positive note. Retail sales showed a strong increase of 1.1%. This was the highest rate since February. The strong consumer confidence in Germany led to an increase in consumer spending, which is a key factor in economic growth.