The widely watched US CPI inflation for July has just been released and showed that price growth eased slightly, however inflationary pressures on the economy remain elevated, therefore interest rate hike by 75 bp at the next FED meeting is still possible.
The data came in below expectations as the headline inflation dropped to 8.5% YoY in July vs expected 8.7% YoY and compared to 9.1% in June. The Core CPI figure remained unchanged at 5.9% YoY while markets expected increase to 6.1% YoY.
EURUSD is trading hiher today and today’s data provided more fuel for bulls. The main currency pair tested a short-term resistance zone in the 1.0325 area. Source: xStation5
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