Euro Soars To 3-Year High As German Coalition Talks Show Progress

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The US central bank's preferred inflation measure, the personal consumption expenditures price index excluding food and energy, has undershot its target since May 2012.

US West Texas Intermediate (WTI) crude futures changed hands at United States dollars 63.55, down 0.4 percent on the day.

The asset purchase programme, known as quantitative easing, has racked up €2.29 trillion in bonds on the ECB's balance sheet since starting in 2015, with the plan now only set to continue until the end of September. The dollar weakened more broadly after USA data showed a rise in jobless claims and a decrease in producer prices.

"The language pertaining to various dimensions of the monetary policy stance and forward guidance could be revisited early in the coming year", the accounts showed, referring to 2018.

DailyFX US AM Digest US Dollar at Three Year Low versus the Euro
Euro Soars To 3-Year High As German Coalition Talks Show Progress

The dollar index fell 0.44 percent, with the euro up 0.7 percent to $1.2029.

The Bank of France raised its fourth-quarter growth forecast to 0.6% (http://www.marketwatch.com/story/bank-of-france-hikes-4th-quarter-growth-forecast-2018-01-11) quarter-on-quarter from a previous forecast of 0.5%.

The Eurozone has recently enjoyed solid economic data, such as this morning's 2017 German GDP figure, which revealed that growth has accelerated to a six-year high of 2.2 per cent - or 2.5 per cent on a working day adjusted basis.

The dollar index was down by 0.05% to 91.81 as of 11.57am Shanghai time.

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USA government debt yields slipped Thursday but held near highs after the European Central Bank said it may adjust its guidance to investors given the strength in the European economy.

The end of a turbulent week for bond markets also saw U.S. Treasury yields extending Thursday's pullback after China disputed a media report that government officials had recommended it slow or halt its purchases of U.S. bonds.

ASIAN SCORECARD: Japan's benchmark Nikkei 225 index lost 0.2 percent to close at 23,653.82, pressured by the yen's recent strength, while South Korea's Kospi advanced 0.3 percent to 2,496.42.

The news of progress towards a German coalition pushed the euro to a three-year high.

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Among other precious metals, spot silver was up 0.2pc at $16.97 an ounce from a two week low of $16.86 on Wednesday.

USA gold futures for February delivery settled up $3.20, or 0.2 percent, at $1,322.50 per ounce.

In the US, the Labor Department reported that weekly jobless claims rose by 11,000 to 261,000 new claims, a three-month high. The all-important 10-year yield hit its highest level since March on Tuesday.

Brent crude futures settled 6 cents higher at $69.26 a barrel, after hitting $70.05 a barrel during the session, its highest level since November 2014.

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