The euro was able to achieve gains this week against the dollar, taking advantage of the latter's weakness and varying investor appetite for risks, to record a weekly increase despite its decline during trading on Friday.
The euro against the dollar recorded its lowest level today at 1.1694 after it opened trading today at the level of 1.1747, and it had recorded its highest level this week at 1.1768, after hitting its lowest level in nine weeks at the beginning of this week at 1.1614.
On the other hand, inflation in the euro area fell to its lowest level in more than four years, as it fell to negative territory, more than expected in September, stoking fears of a deflationary spiral from the Coronana crisis.
Eurozone CPI data for September showed an annual decline by 0.3% compared to the same period the previous year, after a previous reading of 0.2%.
As for the monthly index reading, it increased by 0.1% from a previous decline of 0.4%, while the core consumer price reading witnessed an increase of 0.2% from a previous rise of 0.4%.
It is worth noting that the European Central Bank is working to keep the inflation rate close to 2% in the medium term.
Also, European Central Bank Vice President Luis de Guindos said on Friday that inflation in the euro area will remain negative for the rest of the year, after today's data showed that price growth reached its lowest level in more than four years.
Today's news came out that the European Union and Britain are on their way to intensify negotiations on Brexit in order to reach a trade agreement that organizes the Brexit process, before the next European summit in mid-October.
As for the US dollar, it is witnessing fluctuation in its movements during today's session after hitting its lowest level in a week during yesterday's session according to the dollar index, which measures the performance of the federal currency against a basket of 6 major currencies.
The fluctuation of the US dollar today comes before the release of the government jobs report from the United States of America, with expectations of creating 900 thousand jobs during the month of September after the August reading of 1371 thousand jobs