Euro Holds Firm as Inflation Concerns Mount in Spain and France
The Euro has maintained its position within a narrow range ahead of Federal Reserve Chair Kevin Warsh's speech at the Jackson Hole Economic Policy Symposium. The single currency's stability is partly attributed to recent inflation data from Europe, which shows elevated readings in several countries.
Spain's EU-harmonised consumer price index surged to 4.5% year-over-year in August, a significant increase from 3.9% the previous month. This marks its highest rate of growth in over three years. France also experienced a notable jump, with its annual inflation rate reaching 2.7%, the highest since May.
The EUR/USD pair currently quotes at 1.1649, slightly down on the day but holding near its one-and-a-half-week low. The Euro has seen a marginal decline this week following a 1% increase in the last week.