Euro, British Pound Gain Against Safe Havens, Data Prevents Increase Against Other Ma

The euro and British pound jumped against the US dollar and Japanese yen, but this was only because the latter two were so weak amidst broad-based risk appetite. However, data didn’t necessarily work in favor of euro or British pound strength. First, the UK jobless claims change rose for the 16th straight month in June by 23,800, and while the claimant count rate held at 4.8 percent, the ILO rate jumped to a more than 12-year high of 7.6 percent from 7.2 percent. Second, the Euro-zone consumer price index rose 0.2 percent in June, as expected, but that did not prevent the annual rate of growth from falling to -0.1 percent, indicating a contraction in prices for the first time since records began in 1996.

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