Euro Down As Eurozone Inflation Slows, European Shares Fall
30 Noviembre 2018 - 12:57AM
RTTF2
The euro was lower against its major counterparts in the
European session on Friday, as a slowdown in Eurozone inflation to
a 3-month low in October, weak factory activity from China and
caution ahead of Xi-Trump meeting at the G-20 summit in Argentina
this weekend dampened sentiment.
Preliminary figures from the Eurostat showed that Eurozone's
consumer price growth slowed to its lowest level in three months in
November and the core inflation unexpectedly eased.
The consumer price index rose 2 percent year-on-year following a
2.2 percent increase in September. The slowing was in line with
economists' expectations.
Core inflation, which excludes change in the prices of energy,
food, alcohol & tobacco, dropped to 1 percent from 1.1 percent
in October. Economists had expected the rate to remain
unchanged.
Separate data showed that Eurozone's unemployment rate remained
unchanged at its lowest level in nearly 10 years for a third
straight month in October.
The seasonally adjusted jobless rate was 3.1 percent in October,
where it has been since July. Economists had expected the figure to
ease slightly to 8 percent. Official data showed that China
manufacturing sector stagnated in November, adding to signs of
slowing growth in the world's second-largest economy. China
manufacturing PMI came in at 50.0 in November, missing expectations
for a score of 50.2, which would have been unchanged from the
October reading.
All eyes are on a crucial Trump-Xi meeting this weekend for any
hints that the trade dispute could be resolved.
The currency held steady against its major counterparts in the
Asian session.
The euro weakened to 128.94 against the yen, down from a high of
129.28 seen at 5:00 pm ET. The next possible support for the euro
is seen around the 126.00 level.
Data from the Ministry of Economy, Trade and Industry showed
that Japan industrial output rose a seasonally adjusted 2.9 percent
on month in October.
That exceeded forecasts for an increase of 1.1 percent following
the 0.4 percent decline in September.
The euro fell to 1.1358 against the greenback, after rising to
1.1400 at 10:00 pm ET. If the euro slides further, 1.11 is possibly
seen as its next support level.
Following an 8-day high of 1.1357 hit at 12:15 am ET, the euro
reversed direction and fell to 1.1321 against the Swiss franc. Next
key support for the euro is seen around the 1.12 level.
Survey data from the KOF Swiss Economic Institute showed that a
leading indicator signaling Swiss economic performance in the near
future fell for a second straight month in November.
The KOF Economic Barometer dropped to a three-month low of 99.1
from 100.2 in October, which was revised from 100.1. Economists had
expected a score of 99.5.
The single currency edged down to 1.6559 against the kiwi, from
a high of 1.6616 hit at 12:45 am ET. The euro is poised to find
support around the 1.64 region.
On the flip side, the euro appreciated to an 11-day high of
0.8925 against the pound, compared to 0.8906 hit late New York
Thursday. The euro is seen finding resistance around the 0.91
region.
Data from the Nationwide Building Society showed that UK house
price inflation accelerated more-than-expected in November after
slowing in the previous month.
The house price index rose 1.9 percent year-on-year following a
1.6 percent increase in October. In August and September, price
growth was 2 percent.
Looking ahead, Canada GDP data for September and industrial
product price index for October are scheduled for release in the
New York session.
New York Fed President John Williams participates in a panel
discussion titled "The Global Economy: Addressing a Future
Downturn" at the 80th Plenary Meeting of the Group of Thirty in New
York.
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