Euro Declined Amid Weak Inflation Data
The US dollar remains stable. The euro fell on weak data on inflation in the euro area. The British pound is strengthening, as more positive Brexit news appears. It is reported, that the UK and the EU are close to an agreement on the topic of the Irish border. Oil prices are rising, after OPEC agrees to extend the reduction in production until the end of 2018.
Inflation in the Eurozone rose to 1.5% year-on-year in November from 1.4% in October, below the growth forecast to 1.6% year-on-year. The unemployment rate in the Eurozone fell to 8.8% in October, compared to 8.9%, and reached its lowest level since 2009.
Initial jobless claims in the US fell by 2 thousand to 238 thousand for the week ending November 25. Continuing claims grew by 42 thousand to 19.6 million for the week ending November 18. Personal spending increased by 0.3%, which corresponds to consensus.
Oil price strengthens mildly today as OPEC agreed to extend its production cut to the end of next year. The current agreement to cut supply originally expires in March.