Greenback declines, EU inflation data backs euro

Greenback declines, EU inflation data backs euro

On Monday, the evergreen buck started the week on the back foot. It’s because sturdy EU inflation data underpinned the common currency, while everlasting tensions with North Korea gave strength to the Japanese yen.

The US dollar index, traditionally utilized to gauge the greenback’s value versus a basket of six counterparts, slid 0.1%, hitting 98.963.

Against its Japanese rival, the greenback tumbled 0.2%, hitting 111.33.

On Friday, the greenback hit a session peak of 111.72 yen, within a couple of ticks of the previous week's almost four-week peak of 111.78 reached on April 26.

Friday’s US Labor Department data unveiled private wages as well as salaries added 0.9% during the first quarter, thus marking the largest soar for 10 years. It also suggested that the Fed might still raise interest rates several times this year.

The confident wage ascend helped to compensate other data on Friday, which showed that the American economy added at its weakest pace for three years in the first quarter because consumer spending nearly stalled.

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