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.
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