EUR/USD drops to weekly lows near 1.1530 post-US CPI

EUR/USD recedes further and retests 1.1530 on Wednesday.
US October CPI rose 6.2% YoY, Core CPI gained 4.6% YoY.
US Initial Claims rose by 267K from a week earlier.

Pablo Piovano FXStreet

Further upside in the greenback forced EUR/USD to drop and clinch new weekly lows near 1.1530 midweek.

EUR/USD offered on US data

EUR/USD extends the daily pullback in response to the solid performance by the greenback, in turn underpinned by the rebound in US yields and higher-than-expected inflation.

On the latter, US inflation tracked by the CPI rose at an annualized 6.2% in October and 0.9% inter-month. Core consumer prices also rose above expectations at 4.6% from a year earlier and 0.6% vs. the previous month. Additional US data saw weekly Claims rising by 267K, just a tad below estimates.

The persistent move lower in spot exclusively follows the rebound in the buck amidst the recovery in US yields along the curve.

EUR/USD levels to watch

So far, spot is down 0.44% at 1.1541 and next up faces the barrier at 1.1616 (monthly high Nov.4) followed by 1.1675 (55-day SMA) and finally 1.1692 (monthly high Oct.28). On the other hand, a break below 1.1513 (2021 low Nov.5) would target 1.1495 (monthly high Mar.9 2020) en route to 1.1422 (monthly high Jun.10 2020).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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