Euro loses ground against Pound after CPI data
2022.11.30 11:26
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Euro loses ground against Pound after CPI data
Budrigannews.com – The euro withdrew against the pound on Wednesday after information showed euro zone expansion chilled by more than anticipated in November, supporting the case for a lull in European National Bank rate climbs one month from now.
After rising by 10.6% in October, consumer prices in the 19 countries that share the euro increased by 10.0%, far below analysts’ expectations of 10.4%, according to a Reuters poll.
The euro fell 0.25 percent to a session low against the pound of 86.23 pence, but it generally maintained its gains against the dollar, rising 0.36 percent to $1.0365, showing little change from pre-data levels.
European stocks built modestly on the day’s gains, rising 0.6 percent, while German 10-year yields on Euro zone government bonds were little changed.
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