Euro continues to recover ahead of European inflation data

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Euro rose slightly on the European market on Friday against a basket of global currencies, continuing to recover for the second day in a row from the 14-month low against USD, supported by the recovery of currencies emerging markets, especially the Turkish lira, in addition to the announcement of new trade talks between the United States and China, This comes ahead of the release of key inflation data in Europe by the final reading of consumer prices during July.

Euro rose against the dollar by more than 0.1% as of 07:35 GMT, trading at $ 1.1390, the opening price at $ 1.1376, the highest at $ 1.1395 and the lowest at $ 1.1366.

Euro ended yesterday’s trading up 0.3% against the dollar, its first gain in the past six days, recovering from a 14-month low of $ 1.1300 recorded the day before.


The dollar index fell more than 0.1% on Friday, continuing its losses for a second straight day as the correction and profit taking from a 14-month high of 96.85 points continued, reversing the rise of the greenback against most major and secondary currencies.

In contrast to the correction and profit taking, the US dollar is falling as most of the emerging market currencies, especially the Turkish lira, rebound, as well as the announcement of new trade talks between the US and China.

Investors are expected to release key inflation data in Europe later in the euro zone consumer price reading in July, and the preliminary reading was higher than expected, at the highest pace since January 2013, supporting the ECB’s policy tightening Cash as early as 2019.

The final reading of the July consumer price index, expected to be the same as the initial reading, rose by 2.1% and prices rose by 2.0% in June. Excluding food and fuel prices, the same initial reading is expected to rise by 1.1% Prices were up 0.9% the previous month.

 

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