- The pair remained apathetic in the 1.1670 area post-CPI figures.
- The greenback manages to rebound and regains the 94.70 area.
- EMU’s inflation figures came in below expectations for the current month.
The single currency posted little-to-none reaction to the release of flash CPI in the euro area for the current month, with EUR/USD sticking to its daily gains around 1.1670.
EUR/USD unfazed on CPI results
Spot is navigating without a clear direction at the end of the week, while the publication of EMU’s CPI figures did not help to change that either.
EUR kept the familiar range after preliminary inflation figures in Euroland showed headline consumer prices are seen rising at an annualized 2.0% (vs. 2.1% forecasted), while Core prices are expected to advance 1.0% over the last twelve months (vs. consensus at 1.1%).
In the meantime, the pair continues to look to the USD-dynamics as the main diver of the price action as well as developments from the EM FX space. Later in the day, the final U-Mich index for the month of August is due in the US calendar.
EUR/USD levels to watch
At the moment, the pair is up 0.03% at 1.1670 and a break above 1.1734 (high Aug.28) would target 1.1745 (high Jul.31) en route to 1.1792 (high Jul.9). On the downside, the next support at 1.1652 (low Aug.29) seconded by 1.1617 (55-day SMA) and finally 1.1544 (21-day SMA).
Share
