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The euro against the US dollar holds on the local highs. The single European currency is set to end this week near the current levels amid the greenback’s weakness.
The EUR/USD pair is slightly below the level of 1.1400, trading near 1.1380. Currently, market participants refrain from active trading, awaiting results of the G20 summit. So, even downbeat preliminary estimates of the inflation rate did not change the investor sentiment.
Meanwhile, the flash report showed that the consumer prices grew by 2% in annuals terms after increasing by 2.2% in the previous period. The core CPI also rose at slower pace of 1% versus 1.1% in November.
Meanwhile, the retail sales in Germany fell by 0.3% in October, with the consumer activity declining further. Analysts predicted the sales to advance by 0.4%.
Recently, Mario Draghi said that the European Central Bank is ready to taper the quantitative easing program next year and plans to tighten the monetary policy. However, most traders doubt that it will happen. This skeptical attitude prevents the euro from extending profits.
Meanwhile, the British pound came under pressure, having approached the level of 1.2740. Remarkably, the United Kingdom published upbeat macroeconomic statistics. The home price index grew at a faster pace of 1.7% in November.
The pound sterling is still weighed down by the uncertainty over Brexit, namely, the Parliament’s vote on the divorce procedure plan proposed by Theresa May.
The Swiss franc is also trading lower against its American counterpart. The USD/CHF pair is heading towards the parity level. The quotes rose above 0.9970.
Weak macroeconomic statistics from Switzerland helped the US dollar gain ground against the franc. The leading economic indicator declined to 99.1 points in November, hitting the 3-month low. The result came short of analysts’ expectations.
It’s hard to tell whether the current trend will remain the same during the European session. Analysts also cannot say for sure at what levels trading assets will end this week. The G20 summit absorbs attention of market participants.
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