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The euro jumped to 2-week highs after the inflation data


October, 31 2024
watermark Economic news

According to recent data from Eurostat, inflation in the eurozone rose to 2% in October. Economists' forecasts were slightly lower at 1.9%. September inflation was revised downwards to 1.7%.


Core inflation remained at 2.7%, slightly above expectations. This data supported the growth of the euro, which is strengthening for the fourth consecutive session: the EUR/USD pair reached a two-week high at 1.0883.


The inflation data reinforced expectations that the ECB may refrain from a more aggressive 0.5% rate cut in December. This year, the Central Bank has already cut the rate three times, each time by 0.25%, bringing it from 4% to 3.25%. Markets are now waiting for another 25bps decline, but the likelihood of a larger easing is decreasing.


In addition, eurozone GDP showed growth of 0.4% in the third quarter, which exceeded forecasts. The ECB said at a recent meeting that low economic activity avoids a sharp spike in inflation, which supports its current monetary strategy.


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Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.