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EURUSD continues to rise ahead of the Fed meeting minutes
EURUSD continued to achieve gains in the morning of trading today, in the European market, registering the fifth consecutive daily gain and its highest level in four months, after moderate inflation data for the euro area and amid anticipation of the minutes of the Federal Reserve meeting, which will be issued in a timely manner.
The EURUSD pair traded at $ 1.2225, the highest since last February, up by 0.2% from today’s opening session at $ 1.2221.
EURUSD rose after moderate inflation data
Consumer prices in the eurozone achieved a modest recovery in April as the bloc extended its recovery, according to the data. Core CPI rose 0.6% in April, in line with the preliminary reading published two weeks ago. This rise led to an annual rise of 1.6%, higher than From the previous reading, which recorded a rise of 1.3%.
In the same period, the core CPI rose by 0.5% in April, less than the previous reading of 1.0%, and it led to an annual increase of 0.7%, which was lower than expected by 0.8%. 2.0% in line with estimates by the European Central Bank (ECB).
Most of the European Union countries recorded annual inflation above the Eurozone average, and this included countries such as France, Germany, Spain, and Belgium.
The US dollar is down to its lowest level in four months
However, data show that inflation in the European Union is lagging behind that of other countries due to recent closings. For example, the data published today revealed that the general consumer price index in the United Kingdom rose by 1.5%, which is double what it was in the previous month, In the same period, US consumer prices increased by 4.2%.
The US dollar witnessed a major sell-off that led to its lowest level in four months, as fears of rising interest rates in the United States began to fade away, and the index fell to 89.75 points, its lowest level since February 25.
Professional Trader and Analyst, economist in Financial and Forex market since 2004.holds an MBA from the American University in Egypt. Mohammed works as an economic writer and technical & fundamental analyst for many international Forex and financial trading companies in both English and Arabic on a daily basis.