The euro currency maintained the bullish momentum from the previous day as price action briefly rallied above 1.1800 handle marking a 4-week high. However, the common currency gave up the gains by the day’s close. Data from the US showed that consumer prices increased in October on both the headline and the core CPI. Based on the inflation data, the Fed is expected to confidently hike rates in December.
In the UK, the labor market data showed that the employment levels fell for the first time since the Brexit vote stoking fears of a slowdown in the labor markets. The unemployment rate was steady at 4.3% while wages managed to post a modest increase but still lags inflation.
Earlier today, the Australia jobs report showed that the unemployment rate fell to 5.4% while the monthly employment change showed 3.7k jobs being added, which was lower than forecast.
Looking ahead, the UK retail sales report will be coming out followed by the weekly unemployment claims from the US. The BoE Governor Carney will be speaking today including a number of Fed members.
