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REUTERS
September 16, 2018
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Euro rises

Business

REUTERS
September 16, 2018

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LONDON: The euro rose to a two-week high on Friday after weaker-than-expected US inflation data continued to weigh on the dollar and a broader recovery in investment sentiment supported the single currency.

The Turkish central bank's decision on Thursday to hike interest rates sharply sparked a recovery across emerging market assets, and hopes of a new round of trade talks to reduce tensions between United States and China buoyed broader market sentiment into Friday.

"The market is focused on whether the improvement in sentiment and the recovery in emerging markets will continue," said Esther Reichelt, an analyst at Commerzbank in Frankfurt.

The euro rose 0.2 percent to as high as $1.1721, its highest since Aug. 28. The European Central Bank kept policy unchanged as expected on Thursday, staying on track to end its bond purchases this year and raise interest rates next autumn.

The policy meeting´s impact on the euro was minimal. Weaker US inflation data published on Thursday continued to hurt the dollar, and the greenback index dropped slightly to 94.483. The US currency is on track for its fourth-biggest weekly drop in 2018.

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