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The euro bounced back against the dollar on Thursday in New York and returned near its best level in more than a year. The European currency also climbed to a near-term high against the yen, but fell against the pound.
The common currency has been rising on the dollar amid speculation the U.S. Federal Reserve will keep its rates low for a while. Rates are currently in a range near zero.
The euro has also benefitted recently from higher global stocks, which generally favors higher-yielding currencies. U.S. and European stocks saw modest weakness on Thursday, but kept most of a recent rally.
In economic news, the Eurostat conformed the Eurozone's consumer price index or CPI dropped 0.3% year-on-year in September, after falling 0.2% in August.
On a monthly basis, the CPI remained unchanged in September, while core inflation stood at 0.2%.
Meanwhile, the German economy is set to expand 1.2% next year, after shrinking 5% in 2009, eight think tanks said in a joint statement on Thursday.
In its monthly bulletin for October, which showed close resemblance to ECB President Jean-Claude Trichet's introductory statement on October 8, the significant macroeconomic stimulus under way and the measures taken to restore the functioning of the financial system.
The euro recovered most of its daily losses versus the dollar and approached its 14-month high again. The 16-member currency reached a long-term high of 1.4967 in the early morning before later falling as low as 1.4842.
The U.S. Labor Department revealed that consumer prices rose by 0.2 percent in September, matching economists' expectations. This followed an advance of 0.4 percent in the previous month. Core prices, which exclude the volatile food and energy sectors, were also up by 0.2 percent. This followed a 0.1 percent increase in August.
The euro fell to a 10-day low of 0.9141 against the resurgent pound. The 16-member currency had reached a 6 1/2-month high of 0.9411 earlier in the week.
In the Financial Times newspaper, Bank of England executive director Paul Fisher said he feels more confident now that the asset purchase programme is having the scale and speed of impact that was hoped for when the programme was started.
The euro climbed to its highest level in more than three weeks against the Japanese yen, moving near 135.20 in the early afternoon. The euro has been trending higher for about a week.
The Bank of Japan upgraded its economic assessment for the second consecutive month, the latest Monthly Report of Recent Economic and Financial Developments showed Thursday.
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