FRANKFURT (dpa-AFX) - The euro barely moved on Thursday ahead of important US inflation data. Around midday, the single currency was trading at 1.0974 US dollars, almost the same level as the previous evening. The European Central Bank had set the reference rate at 1.0946 (Tuesday: 1.0940) dollars on Wednesday afternoon.

The currency market is eagerly awaiting the inflation data from the USA for December, which will be published in the afternoon. "It is now much more obvious worldwide that inflation is slowly but surely declining," wrote Commerzbank currency analyst Michael Pfister. The upcoming figures should do little to change this. However, it is also becoming somewhat clearer worldwide that inflation is not yet low enough to be compatible with the inflation targets of most central banks.

The November data on industrial production in Spain and Italy were mixed in the morning and did not provide any major impetus on the currency market.

Meanwhile, the Turkish lira fell to a record low against the dollar and the euro: Investors had to pay 30.01 lira for one dollar on Thursday, the highest ever. The price for one euro was 33.10 lira. The Turkish currency is burdened by high inflation, among other things, and has lost much of its value in recent months./lfi/jsl/jha/