EURUSD Ahead Of CPI Today , 16th Feb ,2023
The euro lost 0.43% yesterday as the U.S. Dollar Index (DXY) climbed to a six-week high after better-than-expected U.S. retail sales data was released.
Possible effects for traders
Upbeat economic data has fueled more hawkish expectations on the U.S. interest rate. According to Reuters, the Federal Reserve's (Fed) terminal rate has been adjusted to about 5.25%. Thus, the fundamental pressure on the DXY remains bullish, so EURUSD weakened. Still, the euro rebounded slightly during the Asian session earlier today but failed to hold above the important 1.07100 level.
Today, there are two crucial events traders should focus on: the release of the U.S. Producer Price Index (PPI) data and the publication of the latest U.S. Jobless Claims. Both reports will be released at 1:30 p.m. GMT. These data can potentially deepen the short-term bearish trend in EURUSD. However, if PPI figures come out below expectations, EURUSD may rally above 1.07500.
Possible effects for traders
Upbeat economic data has fueled more hawkish expectations on the U.S. interest rate. According to Reuters, the Federal Reserve's (Fed) terminal rate has been adjusted to about 5.25%. Thus, the fundamental pressure on the DXY remains bullish, so EURUSD weakened. Still, the euro rebounded slightly during the Asian session earlier today but failed to hold above the important 1.07100 level.
Today, there are two crucial events traders should focus on: the release of the U.S. Producer Price Index (PPI) data and the publication of the latest U.S. Jobless Claims. Both reports will be released at 1:30 p.m. GMT. These data can potentially deepen the short-term bearish trend in EURUSD. However, if PPI figures come out below expectations, EURUSD may rally above 1.07500.
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