Dollar Jumps Against Euro Following ECB Announcement
14 Junio 2018 - 9:32AM
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The dollar is surging against the Euro Thursday afternoon after
European Central Bank President Mario Draghi acknowledged that
interest rates are likely to remain unchanged through summer 2019
amid rising economic uncertainty.
The Governing Council expects interest rates to remain unchanged
at least through the summer of 2019 and in any case for as long as
necessary to ensure that the evolution of inflation remains aligned
with the expectations of a sustained adjustment path, Draghi said
at press conference.
The ECB plans to start exiting its massive quantitative easing
by the end of this year, despite strong headwinds clouding the
outlook for the single currency economy.
"The Governing Council anticipates that, after September 2018,
subject to incoming data confirming the Governing Council's
medium-term inflation outlook, the monthly pace of the net asset
purchases will be reduced to EUR 15 billion until the end of
December 2018 and that net purchases will then end," the bank said
in a statement on Thursday.
The dollar has jumped to over a 2-week high of $1.16 against the
Euro Thursday afternoon, from an early low of $1.1850.
Reflecting strong sales growth throughout much of the sector,
the Commerce Department released a report on Thursday showing a
much bigger than expected increase in U.S. retail sales in the
month of May.
The Commerce Department said retail sales jumped by 0.8 percent
in May after climbing by an upwardly revised 0.4 percent in April.
Economists had expected retail sales to rise by 0.4 percent
compared to the 0.3 percent increase originally reported for the
previous month.
A report released by the Labor Department on Thursday showed an
unexpected decrease in first-time claims for U.S. unemployment
benefits in the week ended June 9th. The report said initial
jobless claims edged down to 218,000, a decrease of 4,000 from the
previous week's unrevised level of 222,000. Economists had expected
initial jobless claims to inch up to 224,000.
Import and export prices in the U.S. both increased by more than
anticipated in the month of May, the Labor Department revealed in a
report released on Thursday.
The Labor Department said import prices climbed by 0.6 percent
in May, matching the upwardly revised increase in April. Economists
had expected import prices to rise by 0.5 percent.
Export prices also increased by 0.6 percent in May, matching the
growth reported for the previous month. Export prices had been
expected to rise by 0.3 percent.
Business inventories in the U.S. increased in line with
economist estimates in the month of April, according to a report
released by the Commerce Department on Thursday. The Commerce
Department said business inventories rose by 0.3 percent in April
following a revised 0.1 percent dip in March.
Economists had expected inventories to rise by 0.3 percent
compared to the virtually unchanged reading originally reported for
the previous month.
Germany's consumer price inflation accelerated, as initially
estimated, on energy prices in May, final data from Destatis showed
Thursday.
Consumer prices climbed 2.2 percent year-on-year in May, faster
than the 1.6 percent increase in April but in line with the
estimate published on May 30. The last time the inflation rate
reached this level was in February 2017.
France's consumer price inflation accelerated as initially
estimated in May, latest figures from the statistical office Insee
showed Thursday. Consumer prices climbed 2.0 percent year-over-year
in May, faster than April's 1.6 percent rise. That was in line with
the flash data published on May 31.
The buck has climbed to nearly a 2-week high of $1.3275 against
the pound sterling Thursday afternoon, from a low of $1.3446 this
morning.
UK retail sales growth accelerated more than expected in May,
figures from the Office for National Statistics revealed Thursday.
Retail sales volume including auto fuel, grew 1.3 percent
month-on-month, following April's 1.8 percent increase. This was
the second consecutive rise in sales and much bigger than the
expected 0.5 percent.
The greenback slipped to a low of Y109.912 against the Japanese
Yen this morning, but has since rebounded to around Y110.620.
Japan's industrial production increased more than initially
estimated in April, final data from the Ministry of Economy, Trade
and Industry showed Thursday.
Industrial production climbed 0.5 percent month-over-month in
April, faster than the 0.3 percent estimated earlier. It was the
third successive monthly rise.
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