After euro zone inflation fell by two-tenths to 2.4% in March, the euro passed the $1.08 milestone and moved closer to the European Central Bank's (ECB) target of 2%.
The euro zone currency was trading at $1.0823 this Wednesday, up from $1.0766 in the last trading session yesterday, with the ECB setting the exchange rate at $1.0783.
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During the session, preliminary estimates released by the European statistics agency Eurostat reported that year-on-year inflation in the euro area fell by two-tenths in March to 2.4%.
Core inflation, which excludes energy and food prices, which are considered volatile, fell by three-tenths in March to 2.9%.
The March figures reflect that while year-on-year inflation in the euro area has fallen for the third consecutive month after recovering in December last year, core inflation continues to trend lower, with the ECB unlikely to cut interest rates. The argument for consideration is being strengthened.
Along with inflation, Eurostat confirmed that the unemployment rate in the euro area was 6.5% in February, a tenth higher than in January, when this indicator reached a historic low.
In the U.S., the private sector created 184,000 jobs in March, compared to 155,000 additional jobs signed in February, according to ADP research.
European currencies traded within a range of $1.0765 to $1.0823 on the day.
