Euro off three week high against US dollar

EURO hit three week high of 1.0855 against the US dollar yesterday before pulling back. Currency markets are eying the inflation dynamics and Euro was boosted in last session amid a slide in the US dollar index. However, the single currency gave up these gains as focus shifted on comments from Christine Lagarde, President of the European Central Bank (ECB). Despite recent rate cuts and signs of disinflation, Lagarde emphasised the uncertainties that still loom large over the euro areas economic landscape. This pulled Euro lower and EUROUSD pair currency quotes at 1.0830, up marginally on the day.

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