Eurozone consumer prices decline in November. Euro gains in Forex Trading, extends record high vs. GBP. | CountingPips Forex Blog

December 17, 2008 - Forex Economic News

Eurozone consumer prices decline in November. Euro gains in Forex Trading, extends record high vs. GBP.

Eurozone consumer price inflation dropped in November according to a report released by Eurostat today. The eurozone consumer price inflation declined in November to register a 2.1 percent annual gain over November 2007 following a 3.2 percent annual gain in October. The Euro record high in forex trading vs. GBP fall in consumer prices brings the consumer price inflation level to its lowest point in 14 months. November's inflation reading matched market forecasts at a 2.1 percent inflation rate.

Core inflation, excluding food, alcohol and tabacco, registered a 1.9 percent annual increase in November matching October's annual increase. Declining fuel costs helped contribute to the lower consumer prices as transport costs declined by 2.7 percent in November. Germany and Portugal were the Eurozone countries with the lowest annual inflation in November at 1.4 percent each while Malta and Finland registered the highest eurozone annual inflation rates through November with rates of 4.9 percent and 3.5 percent, respectively.

Euro gains in Forex Trading, hits new record high verses British Pound.

The euro has continued to gain in forex trading against most of the major currencies while establishing a new record high verses the British pound.

The EUR/USD opened trading today at approximately 1.4140 and has advanced to its highest exchange rate verses the dollar in almost two months to trading at 1.4392 in late afternoon of the US session. The euro has also advanced today against the Japanese yen as the EUR/JPY trades at 125.75 from 125.11 early this morning. The euro has also seen gains today verses the Australian dollar and Canadian dollar while falling verses the Swiss franc.

Against the British pound, the euro reached a new alltime record high at 0.9328 pence per euro according to currency data by Oanda. This is the third day in a row that the euro has gone on to record heights against the pound. Today, the EUR/GBP has advanced over 200 pips to trading at 0.9286 after opening the day at 0.9027.

EUR /GBP Chart - The Euro advancing to a new record high vs. the British Pound today above the 0.9325 exchange rate(Daily Chart).

Today's Forex Chart

tags: euro, consumer prices, record, forex trading

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