Proving once again that good news for a country can be bad news for its currency, the euro lost essentially across the board yesterday as inflation fell in the eurozone.
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The dollar rose sharply yesterday, gaining between 0.5 and 1% against most major rivals as inflation expectations were revealed.
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The US dollar regained its footing in Wednesday’s session, advancing on the euro but giving some ground back to the pound after a strong start.
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Sterling is nearing two-month highs against the euro, having fought off a USD/GBP rally to open today in a similar position against the US dollar.
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The euro slid back against both sterling and the US dollar yesterday, those losses driven by a bevy of data which suggested the ECB’s policy rates were starting to feed through to the economy.
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Sterling opened the day close to a two-month high against the euro, as eurozone data highlighted a tempering of inflationary pressures. USD/GBP had yesterday beat back recent sterling gains, before the pound rallied overnight and into the morning.
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Sterling hit its highest level against the euro for six weeks and against the US dollar since the end of August yesterday, as policymakers from the Bank of England travelled the length of the country telling anyone who…
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The greenback’s slide carried over into the middle portion of this week, as the US dollar lost ground to the pound and the euro.
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