The EURUSD currency pair loses nearly 0.6% today, after PPI inflation and jobless claims data supported the U.S. dollar. ECB member Luis de Guindos indicated today that by June, the ECB will have a complete set of data enabling it to make decisions. He pointed out that although inflation is on track to meet the 2% target, wage dynamics still pose a risk. De Guindos suggested that the eurozone economy's dynamics will accelerate in the second half of 2024. Data published today on U.S. business inventories showed a 0% month-over-month growth compared to the 0.2% m/m forecast and 0.3% previously. The U.S. inventory-to-sales ratio has been steadily improving since the last quarter of 2023.
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The Eurodollar came under significant selling pressure after U.S. 10-year bond yields increased from 4.1% to nearly 4.3%. The rate plunged today below the 200-day SMA (in red), and the hourly RSI suggests extreme oversold levels, below 20 points.
Source: xStation5
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