The Euro is holding steady against the majority of its peers in a day of light trading caused by the closure of US markets for the Thanksgiving holiday period.

The single currency pushed closer to a one-month high against the ‘Greenback’ following the release of better than expected Eurozone inflation data and as a separate report showed that the unemployment rate in the region fell for the first time in four years.

On a year by year basis the single currency blocs inflation rate climbed to 0.9% in November. Up from the four year low seen in October of 0.7%. The figure beat economist expectations for inflation to rise to 0.8%. The data caused the Euro to firm slightly as investors reduced their bets that the European Central Bank will now introduce monetary easing measures to support the flagging economic recovery.

In a separate report unemployment fell to 12.1% in October, down from the record high level of 12.2% in the previous month. Despite overall unemployment dipping slightly, youth unemployment increased to yet another record high. The jobless rate in Spain also ticked higher due to the end of the summer holiday season which provided more working opportunities.

Other data showed that retail sales fell in Germany and consumer spending fell in France, increasing concerns that the country is sliding towards recession.

The single currency was able to strengthen slightly against the Pound due to the release of worse than forecast net lending to individuals data.