Euro Rebounds From One and Half Week Low on German Inflation Acceleration
The euro saw a rebound on Friday morning as it bounced back from a one and half week low against the US dollar. This upturn comes after data from Germany revealed that wholesale prices rose 5.3% year-on-year in July, marking an acceleration from the previous month's 4.9% increase.
On a monthly basis, wholesale prices edged up 0.2%, reversing a 0.7% decline in June and representing the first increase in three months. However, this rise fell short of the expected 0.4% growth.
The euro's gains are also being supported by weakness in the US dollar following softer-than-expected US inflation data this week. As a result, the EUR/USD pair currently quotes at $1.1555, up 0.10% on the day and edging higher from its one and half week low.
On the NSE, EUR/INR futures are down 0.10% at 128.91.