Euro Dips Lower Versus US Dollar
The euro remains weak versus US dollar and continues its downward trend. Today, the EUR/USD pair lost another 0.10% to trade at 1.1334 level. The single currency has had a volatile start to the week, with the news that Angela Merkel is likely to leave her post. Overall this month, the EUR/USD pair lost more than 2% and fell near 5% in 2018.
Today’s data showed, that Eurozone inflation growth accelerated in October. The Eurostat reported, that Eurozone consumer price index (CPI) rose 2.2% yoy in October, accelerating from 2.1% a month earlier. Analysts had expected CPI to hold steady at 2.1%. October's rate is the highest since December 2012 when inflation was also 2.2%. Meanwhile, core CPI, which excludes volatile items such as energy and food, rose to 1.1% in October from 0.9% in September, above expectations for a gain of 1.0%.
It was also reported, that the Eurozone unemployment rate remained unchanged at the lowest level in almost a decade in September. The unemployment rate remained unchanged at the level of 8.1% in September. This was the lowest level since November 2008 and was in line with economists' expectations.