The Euro (EUR) is quietly consolidating this week’s rally to a fresh multi-year high and entering Friday’s NA session largely unchanged against the US Dollar (USD), Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.
Yesterday, the EUR/USD exchange rate could soon reach 1.18 again. The Euro (EUR) promptly took off and climbed to 1.1744 against the US Dollar (USD).
The Japanese Yen (JPY) weakened across the board during the Asian session on Friday in reaction to data showing that consumer inflation in Tokyo slowed sharply in June. Adding to this, Japan's Retail Sales recorded growth for the 38th consecutive month, though at the slowest pace since February.