The European single currency continued to decline against the US dollar on Friday, imitating Thursday’s trading session just before the European session’s open bell.
The euro dropped 0.15% lower, trading at $1.3597 on Friday.
“The generally softer tone in yields yesterday in response to weaker equities is less likely to generate any euro losses,” Lloyds Bank wrote in a note on Friday. “We would still expect some near-term euro weakness, with potential for a test of $1.3550, but it would probably require a more risk-positive market tone for this level to break.”
The Australian dollar dropped 0.08% against the greenback, trading at $0.8813 at the time of writing. While the New Zealand kiwi, edged 0.64% lower, trading at $1.8297.
Euro – US Data
The US inflation met analysts’ expectations; however the inflation still remains below the Fed’s target of 2%, according to data from the Bureau of Labour Statistics.
The US Consumer Price Index (CPI) for December; excluding energy and food prices, remained unchanged from the previous month’s figures, standing at 1.7% year on year. While the core inflation remained flat at 0.1% month-on-month.
The figures for the initial jobless claims in the US in the week ending January 11, dropped by 2,000 to 326,000, compared to 328,000 revised in the previous week. Analysts forecasted the figures to remain unchanged.
Housing and construction data are expected to be released from the Census Bureau. The figures for the US industrial production for December are also due to be released today.
December’s industrial production is forecasted to show a slowdown to 0.3% month-on-month, while the UoM survey is expected to show a slight rise of 83.5 this month, compared to 82.5 in December.
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