Euro Hits Fresh 1-Month High After German Inflation Data

November 28, 2013

The dollar rose above 102.00 yen for the first time since May 29, while the euro flirted with the key $1.36 handle and hit a new four-year high within striking distance of 139.00 yen.

The euro gained 0.1% after briefly trading to a fresh one-month high of $1.3617 and reached its highest against the yen since June 2009 at 139.16 yen.

Lending support to the euro was German CPI data which showed inflation rose more-than-forecast by 0.2% from 0.1% expected. This raised speculation that the European Central Bank would be less likely to cut rates based on this.

Deflation worries in the Euro zone have recently been a concern for the ECB.

Sterling rose to a fresh ten-month high of 1.6352 after the release of the Bank of England’s financial stability report.

The yen remained under pressure because investors are selling it to raise funds for carry trades as they expect the yen to weaken due to the Bank of Japan’s commitment to keeping ultra-loose monetary policy to boost growth in Japan.

The dollar briefly traded to a fresh five month high of 102.36 yen.

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