Firmly confident figures for the Euro zone’s inflation contributed enough to bring the EUR/USD currency pair to a new high on Monday. The Euro advanced against the US Dollar by 0.09% to reach the 1.17429 level following the release of the flash CPI data for July, which managed to satisfy analysts’ expectations. Eurostat revealed its flash estimate for inflation in the Euro area rose 1.3% in the reported month, unchanged from June, while the core measure edged higher to 1.2%, above economists’ forecasts for a 1.1% increase. Nevertheless, despite consumer prices growth remaining below the ECB’s 2% target, the ongoing economic expansion across the 19-country bloc added to confidence that inflation would gradually rise towards the target level.
