EUR/USD kicked Friday off with a mild rally into the 1.0600 handle as broader markets took advantage of the US holiday session to sell off the Greenback and bid up riskier assets, but another contraction in key pan-European inflation figures pulled the plug on Fiber bulls.
EUR/USD started Friday with hopeful gains, but slumped back into the low side. European inflation figures showed contraction on the near end of the curve. Core monthly HICP inflation dipped to its lowest level since February. Despite an intraday softening of the Euro’s stance, EUR/USD is poised for its first weekly gain in a month. According to the Harmonized Index of Consumer Prices , headline European inflation sank to -0.3% in November, falling from the previous month’s 0.3%.
The ECB sets interest rates and manages monetary policy. The ECB’s primary mandate is to maintain price stability, which means either controlling inflation or stimulating growth. Its primary tool is the raising or lowering of interest rates. Relatively high interest rates – or the expectation of higher rates – will usually benefit the Euro and vice versa. The ECB Governing Council makes monetary policy decisions at meetings held eight times a year.
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