The euro managed to stay above of a dollar after the publication of data from the american economy and because investors are reconsidering their speculations after comments from some members of the Federal Reserve (Fed).
The euro was trading at $1.0068 by 3pm GMT, down from $0.9988 in late European forex trading the previous day. The European Central Bank (ECB) set the reference exchange rate for the euro at 1.0059 dollars.
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Two members of the Fed, Christopher Waller, who is a member of the council of governors, and James Bullard, who is president of the Federal Reserve Bank of St. Louis, and are advocates of a restrictive monetary policy, were in favor of an increase three percentage points this month.
After the publication of the inflation figures, the markets began to speculate on an even higher rise of 100 basis points.
Inflation rose in the US in June to 9.1% year-on-year, the highest since 1981 (8.6% in May). US retail sales and business confidence were better than expected, but industrial production figures disappointed. The single currency was traded in a fluctuation band between $1.0007 and $1.0086.
