Euro Recovers Against Other Currencies
The euro increased to a periodic high position against the United States dollar on Monday following Markit’s data report which indicated that the consumer prices from the Eurozone was not as low as expected in the month of February, and the fact that the unemployment rate of the Eurozone has reduced now to a 33-month low in January.
As a result of Markits reports about the Eurozone, the Euro increased against the US dollar to 1.1215 up 0.19 percent, indicating a recovering from previous low value of 1.1159 in January.
Annual consumer inflation rate reduced also in February at a rate of 0.3 percent, Eurostat stated. The report indicated that the reduction was caused by the fall in oil prices, and the increase in service sector price to 1.1 percent down together with the rise in the price of food, tobacco and alcohol to 0.5 percent high.
A different report indicated a decline of the unemployment rate in the Eurozone to 11.2 percent down in January, lower than 11.3 percent which was the value in December. This has been its least value since the month of April 2012.
Against the Japanese Yen, the Euro increased to 134.35 , rising up at the rate of 0.34 percent, after the Eurozone data was reported.
Against the Pound, the Euro rose to 0.7276 increasing from the previous years value of 0.7238 going up at the rate of 0.39 percent.
Markit data report on Monday indicated the United Kingdom activity within the factory sector increased in the month of February showing that the economic recovery process is working after pausing a little towards the end of 2014.
United Kingdom manufacturing purchasing managers’ index (PMI) increased to 54.1 last month from the previous value of 53.1 in the month of January. This exceeded the expectations of economic analysts.
However, the rise of Euro in the foreign exchange market was paused because forex investors are watching out for the next meeting of the European Central Bank this Thursday, where the quantitative easing program details will be unveiled.