Markets

Euro hits six-week high vs yen after in-line inflation reading

Published October 31, 2014 Updated October 31, 2014 01:50pm

1 min

By Shoaib Ur Rehman

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LONDON: The euro pared losses against the dollar and hit a six-week high against the yen on Friday after data showed euro zone prices rising in October, offering some relief to those who had geared up for a softer reading after German inflation numbers.

Eurostat said consumer prices in the euro zone rose by 0.4 percent in October, in line with market expectations, the day after inflation in Germany, Europe's largest economy, slowed in October to 0.7 percent, its lowest reading since May.

The euro rose to $1.2583 after the data, from around $1.2565 beforehand.

Against the yen, the single currency climbed to 140.485 yen per euro, the highest since mid-September.

That left the euro up 2 percent on the day against the yen, with most of that move coming after the Bank of Japan surprised markets by expanding its already massive monetary stimulus programme.

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