17-nation currency through the roof
Things are looking good for the 17 country currency, the Euro. As Germany has reportedly agreed to bailout Greece with a new package deal, a positive attitude has overturned causing the Euro to hit a 3-week high against the U.S Dollar.
Yesterday's Euro/Dollar trading session was dull as the pair kept constant in the 1.42- line. This changed as movements were seen in today's trading session when the EUR/USD jumped from the 1.42- line to trade higher at 1.43-. Currently the pair is trading at 1.4409; its highest price so far. With the Euro through the roof, it's only to be questioned how long could this last.
News released useful information earlier this morning about German Retail Sales and Unemployment Rate, as well as French Consumer Spending.
German Retail Sales in April came out lower than the expected 1.7% to only 0.6%; from last month's 2.7%. Unemployment Rate in Germany for May dropped by 0.1%; as was predicted.
As for France, Consumer Spending spiraled downwards as it dropped by 1.6% for April; a figure lot larger than the forecasted 0.3%.
More recent and more important news were released about the EU not long ago, about the Consumer Price Index and Eurozone Unemployment Rate.
As analysts forecasted a CPI estimate of 2.8%, they fall a little short as EU CPI results came out at 2.7%; slightly lower than previous month (2.8%).
As Euro area inflation estimates slightly drop, the Jobless Rate in the Eurozone countries remain the same, at 9.9.
