EUR/USD climbed on Wednesday in one of the pair’s single-best days of 2024, climbing towards 1.0900 and on pace to etch in a fourth consecutive gain week.
EUR/USD climbs on broad-market Greenback selloff. US CPI inflation eases further, sparking Fed rate cut hopes. Bets for September rate cut firm up. Broad-market selling pressure deflated the US Dollar after risk appetite roared to the forefront after US Consumer Price Index inflation eased more than investors expected. US CPI inflation eased to 0.3% MoM, below median market forecasts of a steady 0.
The rest of the week is strictly mid-tier data releases on both sides of the Atlantic, leaving markets to wistfully look ahead to whether or not the Fed will cut interest rates late in the third quarter. EUR/USD technical outlook EUR/USD is taking a bullish run at the 1.0900 handle as the pair extends a bullish bounce from the 200-hour Exponential Moving Average from 1.0730. The 200-hour EMA is rising above 1.
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