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Euro sags against sterling after eurozone inflation cools

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The euro retreated against the pound on Wednesday after data showed eurozone inflation cooled off by more than expected in November, reinforcing the case for a slowdown in European Central Bank rate hikes next month.

Consumer prices in the 19 countries sharing the euro grew by 10.0 per cent after a 10.6 per cent increase in October, well below expectations for 10.4 per cent in a Reuters poll of analysts.

The euro fell 0.25 per cent to a session low of 86.23 pence against the pound, but broadly held on to its gains versus the dollar, rising 0.36 per cent on the day to $1.0365, showing little change on pre-data levels.

Eurozone government bonds were little changed, with the German 10-year yield last up 3 basis points at 1.944 per cent, while European stocks (.STOXX) built modestly on the day’s gains, rising 0.6 per cent.

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