The European currency was still on track to a 2-1/2 week high on Wednesday’s opening session as it was given a lift by higher than expected economic figure from Germany. The gross domestic product (GDP) in Germany surpassed the Reuters’ prediction of 0.6 percent rise and stood at 0.8 percent for this quarter.
Investors in the United States are waiting for the release of consumer inflation data scheduled later for today. U.S. Bank Wealth Management’s regional investment strategist Jeff Kravetz said that if prices were sluggish, it might cancel the possibility of a future interest rate hike by the Fed. He added that analysts estimated an 80 percent chances for a rate hike right now.
Looking at the common currency, the euro was marginally down closing at $1.1791 after a 1 percent rise in the previous session.
The U.S. dollar index remained stable at 93.856 today. The U.S. dollar went slightly lower versus its Japanese counterpart closing at 113.43, below an eight-month high recorded last week.
Prices of oil in international market declined sharply due to the prospects of increased output in the United States.
WTI crude closed 1.9 percent, or $1.06, lower at $55.70 per barrel, recording its weakest daily performance since Oct. 6. Brent crude futures tumbled by 1.7 percent, or $1.04, closing at $62.12 per barrel.