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Euro sags against sterling after euro zone inflation cools

Published by Uma Rajagopal

Posted on November 30, 2022

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LONDON (Reuters) -The euro retreated against the pound on Wednesday after data showed euro zone inflation cooled off by more than expected in November, reinforcing the case for a slowdown in European Central Bank rate hikes next month.

Consumer prices in the 19 countries sharing the euro grew by 10.0% after a 10.6% increase in October, well below expectations for 10.4% in a Reuters poll of analysts.

The euro fell 0.25% to a session low of 86.23 pence against the pound, but broadly held on to its gains versus the dollar, rising 0.36% on the day to $1.0365, showing little change on pre-data levels.

Euro zone government bonds were little changed, with the German 10-year yield last up 3 basis points at 1.944%, while European stocks built modestly on the day’s gains, rising 0.6%.

(Reporting by Amanda Cooper and Harry Robertson in London and Danilo Masoni in Milan; Editing by Dhara Ranasinghe)