The Euro has continued to rise today against its US counterpart on the back of US Federal Reserve President Janet Yellen comments and a round of strong data out of the Eurozone.
At 7.22pm (GMT) the Euro was trading at $US1.1320 up 0.23 percent from yesterday’s trading.
Following on from dovish comments by Fed president Yellen, the Euro has risen on strong CPI numbers out of Germany which may show the stimulus package from the ECB is starting to kick in.
The German Consumer price index rose 0.8% in March according to the latest release against analysts’ expectations for a 0.6 percent while the yearly rate jumped to 0.3 percent from a previous figure of 0.0 percent after threatening to move into negative territory.
The data will bring welcome relief to the ECB as further stimulus may not be needed, and will also appease opponents in the Bundesbank who are against any more monetary easing.
Although the Euro has had a good run in recent days it is still very dependent on US data and may come to a holt on Friday if good Job numbers are released from the US.
The latest ADP employment change from the US hit the market today at 200k against an analysts expectations for a number of 194k which may be the prelude for a strong Non-farm payrolls figure on Friday which is likely to pressure the Euro.
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