Euro Stays Steady Against US Dollar
The euro has declined by 0.04% against the US dollar, and the euro/dollar pair is trading at 1.1857. The European single currency remained stable late last week, as mixed US economic data did not support the dollar.
Germany releases the final consumer price index on Friday. Markets forecast a significant increase of 0.5%. Strong inflation data in Germany can significantly support the euro against the US dollar. The average annual inflation in the Eurozone rose to 1.5% in November from 1.4% in October. Nevertheless, inflation remains well below the ECB's target of 2.0%.
Durable Goods Orders in the US increased by 1.3%, but this was significantly less than the estimate of 2.1%. However, Core Durable Goods Orders fell 0.1%, below the forecast of +0.5%. Personal Spending have improved to 0.6%, above the forecast of +0.5%.