Euro inflation spikes to 2.6 percent

Thursday, 31 March 2011 02:06

The European central bank's target to keep inflation lower than 2 percent isn't looking promising as inflation jumped very high for the European currency, a lot higher than the year before and a lot higher than anticipated, to 2.6 percent.

An interest rate increase is expected from the European Central Bank in the following week.

In further news, the euro spiked a 10-month high against the Japanese currency at 117.54, making the euro so far gain 8% against the yen this year.

EUR/YEN is currently trading at 117.75

EUR/USD is currently trading at 1.4202, maintaining its bullish act aiming at 1.4248.