28th November 2013
The euro has strengthened in forex trading markets today (November 28th), following the publication of data relating to the eurozone.
Annual inflation in Germany's Saxony region has accelerated for the first time in five months, boosting the shared currency. The German economy is the largest in Europe and this data has been interpreted as a sign the European Central Bank will refrain from introducing further stimulus.
Consumer price index data from Spain has also helped to support the euro, after showing prices in the country increased by more than anticipated in November.
The yen has weakened following comments from Bank of Japan board member Sayuri Shirai, who expressed concerns regarding the country's two per cent inflation target, indicating downside risks to growth may mean additional action could be required to maintain progress.
It is thought the Japanese central bank will look to increase its stimulus in 2014 in order to counter the effects of a planned sales tax hike.
As of 10:15 GMT, the euro was trading 0.17 per cent higher against the Japanese currency at 138.98 yen.
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