Jump to content

Rate this topic


Recommended Posts

Forex News - EUR/USD rebounds toward 1.1750 with initial reaction to US CPI data

  • EUR/USD gained nearly 30 pips on renewed USD weakness.
  • US Dollar Index turned negative on the day below 93.00.
  • US annual CPI stayed unchanged at 5.4% in July.

After dropping toward 1.1700 earlier in the day, the EUR/USD pair managed to stage a sharp rebound in the early American session and was last seen rising 0.2% on the day at 1.1743.
DXY reverses direction after July inflation report

The renewed USD weakness seems to be helping EUR/USD gain traction in the second half of the day. The data published by the US Bureau of Labor Statistics revealed on Wednesday that the Consumer Price Index (CPI) stayed unchanged on a yearly basis at 5.4% in July. Moreover, the Core CPI edged lower to 4.3% as expected from 4.5% registered in June.

Breaking: US annual CPI inflation stays unchanged at 5.4% in July vs. 5.3% expected.

Although these prints came in largely in line with analysts' estimates, the initial market reaction put the greenback under modest selling pressure. As of writing, the US Dollar Index was down 0.18% on a daily basis at 92.90.

In the meantime, Richmond Federal Reserve Bank President Thomas Barkin told Reuters that it could take a few more months before they reach the Fed's taper benchmark.

Later in the session, Atlanta Federal Reserve Bank President Raphael Bostic will be delivering a speech. Additionally, the 10-year US Treasury note auction at 1700 GMT will be watched closely by market participants.

  • Thanks 1
Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • πŸ‘ Join TopGold.Forum Now

    We ConnectΒ  Money Makers With TOPΒ Earning Opportunities!

    Join over 25,000 members and 700 businessesΒ on their journey to strike GOLD.Β πŸ’°πŸΎπŸ‘

    πŸ‘© Want to make money online?Β 
    πŸ’Ό Represent a company?Β 

‴️-Paid Ad- TGF approve this banner. Add your banner here.πŸ”₯

Γ—
Γ—
  • Create New...