Wed Jan 7, 2015 5:24am EST
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LONDON Jan 7 (Reuters) - The euro inched up against the dollar on Wednesday along with German government bond yields after euro zone data showed core inflation was stable in December, providing some relief to the battered single currency.
The euro pared losses to trade at $1.1873, still down 0.1 percent on the day, but up from $1.1853 before the inflation data was released.
Eurostat said inflation in the 18 countries using the euro in December was -0.2 percent year-on-year, down from 0.3 percent year-on-year in November. Economists polled by Reuters had expected a -0.1 percent year-on-year fall in prices.
But core inflation, which excludes the volatile energy and unprocessed food prices, was stable at 0.7 percent year-on-year in December - the same level as in November and October.
"The weaker headline number was perhaps expected given what we've seen from the German numbers, but the core rate was higher... I think that explains the reaction," said Ian Gunner, portfolio manager at Altana Hard Currency Fund.
European equities slightly extended their gains after the inflation data, with the pan-European FTSEurofirst 300 index rising to a 0.4 percent gain at 1,328.81 points. Most investors still expect the European Central Bank to ease policy in the near term.
German 10-year bund yields edged up by 1-2 basis points to 0.45 percent after the inflation data. (Reporting by Anirban Nag, Jemima Kelly, Lionel Laurent; editing by Patrick Graham)
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