Euro Firm During Monday’s Trading, CPI Helps Preserve Momentum

The euro was relatively strong against its major rivals today. The inflation data released during the current trading session, being rather positive, did not give the currency a reason to reverse its trend.

The eurozone consumer inflation in August was finalized at 1.5%, up from 1.3% in July. It was the same as in the preliminary estimate and the median forecast. The euro continued to rise after the data, but the currency may yet be dragged down over the week by political uncertainty as speculators wait for the German federal election on September 24.

EUR/USD rose from 1.1919 to 1.1941 as of 9:22 GMT today. EUR/GBP advanced from 0.8787 to 0.8804, rising for the first time after six consecutive daily losses.

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