TheÂ euro today registered aÂ slight decline against theÂ US dollar following theÂ release ofÂ theÂ Eurozone Consumer Price Index data inÂ theÂ early European session. TheÂ EUR/USD currency pair began today’s session inÂ positive territory andÂ had rallied toÂ highs above 1.2000 before trimming some ofÂ its gains after theÂ CPI release.
TheÂ EUR/USD currency pair today declined from aÂ high ofÂ 1.2010 toÂ aÂ low ofÂ 1.1965, but was still higher forÂ theÂ day having opened today’s session atÂ 1.1949.
TheÂ currency pair was onÂ uptrend from theÂ beginning ofÂ today’s session largely due to the weaker US dollar. TheÂ greenback’s weakness was largely attributed toÂ yesterday’s FOMC rate decision, which left overnight rates unchanged. TheÂ release ofÂ theÂ advance Eurozone CPI data byÂ Eurostat triggered aÂ slight decline inÂ theÂ EUR/USD pair asÂ theÂ flash figures were below expectations. TheÂ core CPI print came inÂ atÂ anÂ annualized 0.7% versus theÂ expected 0.9%, while theÂ headline CPI print was recorded atÂ 1.2%, which was lower than theÂ forecasted 1.3% print.
TheÂ selling pressure onÂ theÂ greenback is what has kept theÂ currency pair from falling toÂ lower levels despite theÂ disappointing inflation figures. However, it remains toÂ be seen whether buyers shall step up toÂ boost theÂ dollar given theÂ upcoming US economic releases.
TheÂ currency pair’s short-term performance is likely toÂ be affected byÂ US releases such asÂ theÂ ISM Non-Manufacturing Composite, theÂ jobless claims data, andÂ theÂ durable goods orders scheduled forÂ later today.
TheÂ EUR/USD currency pair was trading atÂ 1.1982 asÂ atÂ 10:48 GMT having declined from aÂ high ofÂ 1.2010. TheÂ EUR/JPY currency pair was trading atÂ 131.14 having dropped from aÂ high ofÂ 131.68.
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