Euro rises against US dollar in anticipation of inflation statistics in euro area

The euro exchange rate rose against the US dollar on December 17 morning in anticipation of statistics on inflation in the euro area, Report informs referring to the auction data.

The euro against the dollar at the opening of trading grew to $1.1342 per euro from the previous close of $1.1328. At the same time, the dollar against the yen fell to 113.56 yen per dollar from 113.7 yen. This is while the dollar index (the dollar’s exchange rate against a basket of currencies of six countries - the main trading partners of the US) decreased by 0.12%, to 95.92 points.

On December 17, the European statistics agency Eurostat will publish the final estimate of inflation in the euro area for November. Analysts predict the growth of the consumer price index in annual terms to 4.9% from 4.1% a month earlier. The figure for November may be the highest since July 1991. At the same time, high inflation may lead to a tightening of monetary policy by the central bank.

Investors also continue to evaluate the decision of the European Central Bank, which at the end of the meeting on December 16 kept the base interest rate at a record low zero.