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Jens Nærvig Pedersen, senior analyst at Danske Bank, points out that in the G10 space, yesterday’s higher-than-expected German inflation data contributed to lifting EUR/USD above 1.12.

Key Quotes

“Today, all eyes will be on the FOMC, where we expect little news even if there is a non-negligible risk of a ‘technical IOER cut’ amid rising pressures on the effective Fed funds rate from tightening USD liquidity. Overall, we still see EUR/USD as a range-play.”