Euro gains on new inflation data

New data showing that Eurozone inflation hit 3.6 percent in March, its highest level in almost 16 years, sent the pound and the US dollar to new lows versus the euro on Wednesday.

The dollar was lower after reports that US housing starts were down 11.9 percent in March, to the fewest starts since March 1991.

The greenback touched a record low at $1.5969 to the euro and was trading at $1.5953 to the shared currency at around 11:30 a.m. in New York, while the pound hit a record low at 80.76p to the euro at the same time.

The US currency was also lower versus the yen, to ¥101.5250 in late morning trade in New York, while the euro gained on the yen to ¥161.9627 and the pound traded at ¥200.5424.

The Norwegian krone advanced versus the euro as oil prices gained, trading at kr7.9059 to the euro at late morning in New York.

Story link: Euro gains on new inflation data