EUR/USD hits 10-month high, as eurozone inflation eases

Eliman Dambell Sayvio AI

EUR/USD rose to a ten-month high on Wednesday, as markets reacted to the latest inflation figures for the EU

Consumer prices in the eurozone fell for the third consecutive month, coming in at 8.5% last month.

The was better than the 9.0% sum markets had forecasted, and lower than the 9.2% recorded in December.

From the data, energy prices were still the biggest contributor to the total sum, with prices falling to 17.2% in January.

As a result of this, EURUSD rose to a high of 1.0924 in today’s session.

S&P 500 lower, ahead of FOMC meeting

The S&P 500 was in the red for most of today’s session, ahead of the latest FOMC meeting.

Later this afternoon, the Federal Reserve is expected to hike rates by 25 basis points, which could be its final increase this year.

Should this occur, the total lending rate in the United States will move to 4.75%, which would be its highest level since the last financial crisis.

In addition to the Fed meeting, private payrolls were also released today, coming in at 106,000 jobs last month.

As of writing, the S&P 500 is down 0.30%.

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Author

Eliman Dambell

Sayvio AI

With over a decade in financial markets, Eliman brings an experienced and diversified point of view to market analysis. He covers current and historical macro trends to give insights on Metals, FX, Stocks, and Crypto.

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