Single Currency Improves, Greenback Drops

Forex News

The single currency keeps rising. Euro/Dollar lifted 0.27% to trade at 1.2483. Eurozone trade surplus increased to 23.8B euros. Today, the US will feature regional Fed surveys from Empire state and Philadelphia, Purchasing Price Index, jobless claims, industrial production and NAHB housing index. Tomorrow, we’ll get US key housing and consumer confidence data.

Yesterday’s Consumer Price Index release exceeded all the forecasts and boosted sentiment, growing 0.5%. Retail sales indicated 0.0%. Core Retail Sales fell 0.3%. Greenback reinforced after CPI release but the improvement was temporary and the currency weakened. Investors remain concerned after the period of severe volatility at the stock market. Recently, Mario Draghi said in his speech that inflation is expected to pick up towards the target but recent situation with stocks might interfere with its dynamic.