Euro Breaks $1.14 Line on Strong Eurozone PPI Report
Euro continues to strengthen versus US dollar. The EUR/USD pair added 0.47% to trade at 1.1408 level. The single currency has climbed 0.80% against the USD this week, as the greenback remains under pressure following the G-20 summit over the weekend.
Last weekend, US President Trump and Chinese President Xi Jinping held a meeting and agreed to suspend any further tariff moves for 90 days.
The euro was also supported by strong Eurozone PPI data. Eurozone producer prices rose more than expected in October on the back of rising energy costs. Report from Eurostat showed that producer price index in the Eurozone rose 0.8% month-on-month in October against market expectations for a 0.5% rise. On an annual basis, producer prices rose by 4.9% in October, against market expectations for a 4.5% gain.