(RTTNews) - During early New York session on Wednesday, the euro showed a recovery trend against most major currencies.
The euro-zone CPI, rose 1.6% year-on-year in May following an increase of 1.5% in April, the European Union statistical agency Eurostat said today. That was in line with a flash estimate released on May 31. On a monthly basis, consumer prices rose 0.1%. The core CPI, which excludes energy, food, alcohol and tobacco prices, stayed unchanged at April's record low of 0.8%.
Besides the euro-zone CPI, the Italian CPI for May, which was also released today likely influenced the euro.
The euro is now trading at 0.8312 against the pound, from a low of 0.8287 hit at 7:10 am ET. In early European session, the euro-pound pair hit a 2-day high of 0.8340, but failed to sustain momentum thereafter. At yesterday's close, the pair was quoted at 0.8330.
In economic news, the number of people claiming Jobseeker's allowance in the U.K. decreased by a larger than expected 30,900 to reach 1.48 million in May, a report released by the Office for National Statistics showed today. This was the fourth consecutive decline in jobless claims that reached below 1.5 million for the first time since March 2009. Economists had expected only a 20,000 fall for May. The claimant count rate stood at 4.6% in May, down from 4.7% in April. Consensus forecast was for 4.7%
Extending its downtrend, the euro fell to a 5-day low of 1.3872 against the Swiss franc at 8:35 am ET. As of now, the euro is worth 1.3883 against the franc, compared to 1.3973 hit at yesterday's close.
The euro that hit a 12-day high of 113.33 against the yen during early European session, fell as low as 111.74 at 8:35 am ET. However, the euro bounced back to 112.43, the value of the euro-yen pair at present. The pair was worth 112.71 at yesterday's New York session close.
Moving up from a low of 1.2256 hit at 8:30 am ET, the euro rose to 1.2304 against the dollar at 9:35 am ET. Presently, the euro is worth 1.2308 against the dollar, compared early European session's 15-day high of 1.2354. At yesterday's close, the euro-greenback pair was worth 1.2328.
The U.S. Department of Labor revealed that producer prices fell 0.3 percent in May. Economists had expected a decline of 0.5 percent.
A separate report showed that the housing starts plunged 10 percent to a seasonally adjusted annual rate of 593,000, down from a downwardly revised 659,000 in April.
