EUR/USD follows the rest of the market higher after US CPI inflation chills

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CPI,Inflation

EUR/USD tested into a fresh five-week high on Thursday, bolstered by a broad-market selloff of the US Dollar after US Consumer Price Index (CPI) inflation figures softened to the slowest pace of price growth since late 2021.

EUR/USD rallied to a five-week peak after US CPI inflation flattened the Greenback. Pullback from daily highs leaves the Fiber poised for a fresh turnaround into the low end. US PPI wholesale inflation on the docket for Friday. EUR/USD tested into a fresh five-week high on Thursday, bolstered by a broad-market selloff of the US Dollar after US Consumer Price Index inflation figures softened to the slowest pace of price growth since late 2021.

0805, and the next challenge will be building out a base without backsliding below technical barriers near the 200-hour Exponential Moving Average near 1.0808. Despite a firm push into topside territory, the Fiber remains hampered by a rough descending channel, and daily candlesticks are poised for a bearish turnaround as EUR/USD waffles just beneath 1.0900.

 

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