The EUR/USD exchange was consolidating on Wednesday as traders assessed the impact of the latest consumer price index (CPI) data.
US PPI data and ECB decision
However, core inflation rose from 0.4% to 0.5% on an MoM basis. Therefore, there is a likelihood that the Fed will continue rising interest rates in its upcoming meeting. Fed futures point to a 0.25% rate hike as it focuses on its fight against inflation.and retail sales numbers on Wednesday. The core producer price index is expected to come in at 0.3% from the previous 0.7%. Core PPI is expected to have dropped from 0.5% to 0.4%.
The other important catalyst for the EUR/USD pair will be the latest inflation data from France and Euro area industrial production data. While these numbers are important, their impact on the EUR/USD price will be limited.
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