The European currency has moved up from the multi-month bottom on Thursday, despite reports about slower inflation in the euro-area.
According to the released data, the inflation slowed down to 1.2% y-o-y in April (1.3% in March), while core inflation posted an even bigger decline. With such figures, the plans of the European Central Bank concerning shutting down stimulus program seems doubtful.
Euro was depressed by the inflation report but managed to rebound somewhat to 1.1978 against the US dollar today. Some recovery was also seen in the pairs with GBP and JPY.
The US dollar has stopped rising after the recent meeting of the Federal Reserve, which resulted in unchanged both interest rate and forecast for rate revision this year. US Federal Reserve left the rate at 1.50-1.75%, and expressed confidence in stable inflation growth, coming closer to the target of 2%.
The US Dollar index fell to 92.35.
Besides, Canadian and Australian dollars also succeeded in regaining some positions against their American counterpart.