EUR/USD strengthened to 8-week highs near 1.1350 despite an unconvincing Euro performance [Video]

Joe Neighbour Signal Centre

The headline US CPI inflation rate increased to 7.0% while the underlying rate was slightly above forecasts.

US consumer prices increased 0.5% for December and marginally above consensus forecasts. The year-on-year inflation rate increased to 7.0% from 6.8% which was in line with expectations and the highest figure since 1982. Energy prices declined slightly on the month with a 29.3% increase over the year.

Risk appetite posted net gains after the data with some relief that the rate was not even higher.

Markets were more optimistic over the global growth outlook.

The dollar dipped sharply following the data with a retreat to 2-month lows.

EUR/USD strengthened to 8-week highs near 1.1350 despite an unconvincing Euro performance.

Sterling held firm with fresh 2-month GBP/USD highs as the dollar retreated.

Author

Joe Neighbour

Signal Centre

Joe started his career in financial services with HSBC at 18 years old before moving into the broking arena at several small to medium-size firms.

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