EUR/USD: US CPI and Core CPI

The European Single Currency appreciated against the US Dollar, following the US CPI and Core CPI release on Wednesday at 12:30 GMT. The EUR/USD exchange currency rate gained 12 pips or 0.10% during a minute. Right after the release, the sellers sold European Single Currency to drop the rate to the 1.1237 mark.

The Bureau of Labor Statistics released US CPI data that came better than expected of 0.4% compare with forecasted 0.3%. Note, that the US Core CPI was released at the same time with the US CPI.

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EUR/USD: EU Main Refinancing Rate

The European Single Currency depreciated against the US Dollar, following the EU Main Refinancing Rate release on Wednesday at 11:45 GMT. The EUR/USD exchange currency rate lost 3 pips or 0.02% during a minute, right after the release. The European Single Currency continues trading at the 1.2760 area against the US Dollar.

The European Central Bank released the EU Main Refinancing Rate data in line with expectations of 0.00%.Note, that the Monetary Policy Statement was released at the same time with the ECB Main Refinancing Rate.

"The Governing Council now expects the key ECB interest rates to remain at their present levels at least through the end of 2019, and in any case for as long as necessary," the ECB said in a statement, reaffirming its interest rate guidance.

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GBP/USD: UK GDP and Manufacturing Production

The British Pound appreciated against the US Dollar, following the UK GDP data release on Wednesday at 08:30 GMT. The GBP/USD exchange currency rate gained 7 pips or 0.05% during a minute, right after the release. The British Pound continued trading at the 1.3065 area against the US Dollar.

The Office for National Statistics released UK GDP data that came out in line with expectations of 0.2%. Note, that the Manufacturing Production was released at the same time with the GDP.

Commenting on today's GDP figures, Head of GDP Rob Kent-Smith said: "GDP growth remained modest in the latest three months. Services again drove the economy, with a continued strong performance in IT. Manufacturing also continued to recover after weakness at the end of last year with the often-erratic pharmaceutical industry, chemicals and alcohol performing well in recent months."

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This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

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