Euro Rallies Even as Inflation Slows, ECB in Focus

The euro was up against its major rivals during the current trading session even though today’s report confirmed a slowdown (albeit small) of eurozone inflation.
Eurostat reported today that eurozone inflation was at 1.3% in June according to the final estimate, down from 1.4% in May. It was unchanged from the preliminary data. That is not a good sign ahead of this week’s policy meeting of the European Central Bank, but the euro was not bothered by the data, bouncing from the day’s lows versus the US dollar and gaining on other most-traded peers.
EUR/USD traded at 1.1478 as of 18:17 GMT today after opening at 1.1472 and falling to the session low of 1.1434. EUR/GBP jumped from 0.8761 to 0.8790, bouncing from the daily minimum of 0.8744.

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