The single currency has quickly reverted the initial pessimism and is now pushing EUR/USD to fresh tops above 1.1800 the figure.
EUR/USD bid after US CPI
The pair met a wave of buying pressure after key US inflation figures gauged by the CPI disappointed expectations in July. In fact, headline consumer prices rose at an annualized 1.7% vs. 1.8% forecasted, while prices stripping energy and food costs rose 1.8% over the last twelve months, matching prior surveys.
Additionally, headline and core CPI rose 0.1% inter-month, both prints missing consensus.
Tracked by the US Dollar Index, the buck retreated and tested fresh lows in sub-93.00 levels in the wake of the release, where it is now looking to hold on.
Later in the session, Dallas Fed R.Kaplan (voter, hawkish) and Minneapolis Fed N.Kashkari (voter, dovish) are due to speak.
EUR/USD levels to watch
At the moment, the pair is up 0.27% at 1.1804 facing the next hurdle at 1.1818 (high Aug.11) seconded by 1.1824 (high Aug.8) and finally 1.1893 (high Aug.4). On the other hand, a breakdown of 1.1719 (low Aug.9) would target 1.1702 (21-day sma) en route to 1.1611 (low Jul.26).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.