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The euro surpasses $1.08 after inflation falls in the eurozone.

The euro has surpassed the $1.08 mark after inflation in the eurozone fell by two tenths in March, to 2.4%, bringing it closer to the European Central Bank’s (ECB) 2% target.

The euro-area currency was trading at 1.0823 dollars  this Wednesday, compared to 1.0766 dollars in the last trading hours yesterday, while the ECB has set the exchange rate at 1.0783 dollars.

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During the session, it was reported that the year-on-year inflation rate in the eurozone fell by two tenths in March, to 2.4%, according to the preliminary estimate published by the European statistics office, Eurostat.

As for core inflation, which excludes energy and food prices as they are considered more volatile, it fell by three tenths in March, to 2.9%.

EUR/USD

The March figures reflect that the year-on-year inflation rate in the eurozone has declined for three consecutive months after a rebound last December, while core inflation continues its downward trend, reinforcing arguments for the ECB to consider lowering interest rates.

Along with the inflation rate, Eurostat has confirmed that the eurozone unemployment rate stood at 6.5% in February, one tenth higher than in January, when the indicator reached its historical low.

In the United States, the private sector created 184,000 jobs in March, according to the ADP survey, compared to the 155,000 additional payrolls signed in February.

The european currency has traded today in a fluctuation range between 1.0765 and 1.0823 dollars.

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ABOUT THE AUTHOR See More
Ignacio Teson
Ignacio Teson
Economist and Financial Analyst
Ignacio Teson is an Economist and Financial Analyst. He has more than 7 years of experience in emerging markets. He worked as an analyst and market operator at brokerage firms in Argentina and Spain.
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