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The euro depreciates versus the greenback weighed by soared inflation in the Eurozone

By Rana Gharib
02 Mar,2023
The euro depreciates versus the greenback weighed by soared inflation in the Eurozone

On Thursday, the euro lost ground versus the dollar as figures revealed that the euro zone's inflation rate was lower than what investors had anticipated.

Inflation in the euro zone slumped by 8.5% in February from the 8.6% of the previous month due to lower energy prices, but it was still higher than what economists had projected at 8.2%, according to a poll conducted by Reuters.

The euro edged up by 0.9% versus the dollar on Wednesday, its greatest daily rise in a month, triggered by the German prices figures that climbed more than anticipated last month. As a result, the market's response to the data was modest.

The dollar index which gauges the greenback versus its major pairs nudged up by 0.35 to 104.70.

EUR/USD slipped by 0.4% at $1.0628.

GBP/USD edged down by 0.4% to $1.1977 weighed by uncertainty regarding the upcoming interest rate hikes.

USD/JPY slipped by 0.2% to $136.49.

 

 

 

 

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