The EUR/USD pair spent the first half of the day trading uneventfully around the 1.0770 price zone, as the Euro could not take advantage of the broad US Dollar’s weakness.
EUR/USD Current price: 1.0710 The German ZEW survey showed the assessment of the current situation worsened further. The United States Consumer Price Index unexpectedly rose in January. EUR/USD approaches 1.0700 with a firm bearish momentum, could break lower. The upbeat performance of Asian equities following an extended weekend undermined demand for the Greenback.
Finally, the US reported that inflation in January was higher than anticipated, and hell broke loose. The monthly CPI rose 0.3%, while the core reading printed 0.4%. Compared to a year earlier, inflation rose 3.1%, better than the previous 3.4% but above the 2.9% expected. Finally, the core annual CPI rose 3.9%. The market turned risk averse, with stocks plummeting and the US Dollar soaring across the FX board, as higher inflation means no rate cut in the near future.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
EUR/USD Forecast: Break through 1.0700 on the tableThe EUR/USD pair bottomed for January at 1.0723 on Monday and trades nearby as the new day develops.
Read more »
EUR/USD Forecast: Cautious buying loses momentumFinancial markets extend the cautious trading on Wednesday amid mixed comments from Federal Reserve (Fed) officials and Chinese woes, although the US Dollar remains under modest selling pressure.
Read more »
EUR/USD Forecast: Euro remains stuck between key technical levelsFollowing a two-day rebound, EUR/USD failed to preserve its bullish momentum and closed virtually unchanged on Thursday.
Read more »
EUR/USD Weekly Forecast: Market players not getting what they wantThe EUR/USD pair remained under selling pressure throughout the week, extending its slide to a fresh 2024 low of 1.0722 on Monday.
Read more »
US Dollar Forecast: EUR/USD, GBP/USD and USD/JPY Price Action SetupsNext week US CPI headlines the schedule of high importance data. This forecast considers how major currency pairs shape up ahead of the US CPI release
Read more »
EUR/USD Forecast: Caution leads ahead of US inflation figuresThe EUR/USD pair retreated after reaching a one-week high of 1.0805 and trades around 1.0770 ahead of the United States (US) opening.
Read more »