FOREX-Euro pound rise as trader eye Brexit Italy

    * Italy makes no major changes on budget plan to EU  
    * Sterling traders brace for Brexit cabinet meeting 
    * Dollar slips further from 16-month peak after in-line CPI
    * Swedish crown falls vs euro on weak inflation data
    * Graphic: World FX rates in 2018 tmsnrt.rs/2egbfVh

 (Updates market action, changes dateline, previous LONDON)
    By Richard Leong
    NEW YORK, Nov 14 (Reuters) - The euro and sterling rose on
Wednesday as traders monitor the latest developments between the
European Union and Britain on the latter's departure from the
economic bloc, and the EU and Italy on the resubmission of the
latter's 2019 budget.
    Hopes the U.K. parliament would approve a draft accord for
Brexit have bolstered the two currencies, while the euro has
been bogged down by uncertainty on how EU officials would react
to Italy's latest fiscal proposal after they rejected them last
month for violation of certain EU rules.
    "The focus is on Brexit and Italy. They have been putting
pressure on sterling and the euro the past few days," said Minh
Trang, senior currency trader at Silicon Valley Bank in Santa
Clara, California.
    Italy re-submitted its draft budget for next year to the
European Commission with the same growth and deficit
assumptions, but with falling debt, the new draft showed.

    Meanwhile, U.K. Prime Minister Theresa May will meet with 
her cabinet when she will try to sell her Brexit agreement.

    At 11:31 a.m. (1631 GMT), the euro was up 0.23
percent at $1.1314, erasing an earlier loss tied partly to weak
regional growth data.
     Euro zone growth rose by 0.2 percent in the third quarter,
official data showed, confirming its earlier preliminary flash
estimate from Oct. 30. 
    Against the sterling, the single currency was
down 0.18 percent at 86.895 pence.
    The pound was up 0.4 percent at $1.3021.
    A stronger euro and pound pushed the dollar lower as it
retreated further from a 16-month peak against a basket of
currencies.
    Traders brushed off a government report on U.S. consumer
prices that showed domestic inflation grew at a moderate annual
pace in October, although they recorded their biggest monthly
increase in nine months as expected.
    An index that tracks the dollar versus a basket of six major
currencies was down 0.33 at 96.986 after hitting a
16-month high of 97.693 on Monday.
    Among other major currencies, the Swedish crown was little
changed on the day after losing as much as 0.7 percent versus
the euro to 10.278 crowns after weaker-than-expected
inflation.
========================================================
    Currency bid prices at 11:36AM (1636 GMT)
 Description      RIC         Last           U.S. Close  Pct Change     YTD Pct     High Bid    Low Bid
                                              Previous                   Change                 
                                              Session                                           
 Euro/Dollar      EUR=        $1.1313        $1.1289     +0.21%         -5.69%      +1.1347     +1.1263
 Dollar/Yen       JPY=        113.7000       113.8000    -0.09%         +0.91%      +114.0000   +113.6800
 Euro/Yen         EURJPY=     128.63         128.46      +0.13%         -4.85%      +129.2100   +128.2900
 Dollar/Swiss     CHF=        1.0066         1.0068      -0.02%         +3.32%      +1.0104     +1.0058
 Sterling/Dollar  GBP=        1.3018         1.2971      +0.36%         -3.66%      +1.3035     +1.2887
 Dollar/Canadian  CAD=        1.3232         1.3234      -0.02%         +5.21%      +1.3263     +1.3207
 Australian/Doll  AUD=        0.7214         0.7217      -0.04%         -7.52%      +0.7237     +0.7188
 ar                                                                                             
 Euro/Swiss       EURCHF=     1.1387         1.1368      +0.17%         -2.58%      +1.1423     +1.1362
 Euro/Sterling    EURGBP=     0.8687         0.8702      -0.17%         -2.20%      +0.8740     +0.8668
 NZ Dollar/Dolar  NZD=        0.6790         0.6763      +0.40%         -4.18%      +0.6800     +0.6758
 Dollar/Norway    NOK=        8.5000         8.4948      +0.06%         +3.57%      +8.5403     +8.4662
 Euro/Norway      EURNOK=     9.6169         9.5930      +0.25%         -2.35%      +9.6385     +9.5853
 Dollar/Sweden    SEK=        9.0839         9.0526      +0.53%         +10.76%     +9.1253     +9.0339
 Euro/Sweden      EURSEK=     10.2769        10.2230     +0.53%         +4.46%      +10.2978    +10.2137
         

 (Additional reporting by Tommy Wilkes in LONDON
Editing by Hugh Lawson and Chizu Nomiyama)
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