EUR/USD unchanged around 1.2300 on EMU CPI

EMU’s CPI matched preliminary figures for the month of January.
Spot keeps the negative bias, back from Thursday’s 1.2350.
The pair stays wary on Fedspeak due later in the day.

Pablo Piovano FXStreet

The shared currency stayed apathetic following the publication of January’s inflation figures in the euro area, with EUR/USD steady around 1.2300 the figure.

EUR/USD now looks to Fedspeak

The pair paid little-to-nil attention to the release of final inflation figures in the region measured by the CPI. In fact, headline consumer prices came in in line with the preliminary readings during last month, rising at an annualized 1.3%.

In addition, consumer prices excluding food and energy costs rose 1.0% over the last twelve monts.

In the meantime, the pair keeps the depressed mood so far this week against the backdrop of a stronger greenback, allowing at the same time a potential test of February’s low in the 1.2200 neighbourhood. This view is reinforced by the recent activity in EUR futures markets.

Looking ahead, the buck should stay vigilant on speeches by New York Fed W.Dudley (permanent voter, centrist), Boston Fed E.Rosengren (2019 voter, centrist), Cleveland Fed L.Mester (voter, hawkish) and San Francisco Fed J.Williams (voter, centrist).

EUR/USD levels to watch

At the moment, the pair is losing 0.12% at 1.2315 facing immediate contention at 1.2260 (low Feb.22) followed by 1.2206 (low Feb.9) and finally 1.2165 (low Jan.18). On the upside, a breakout of 1.2352 (high Feb.22) would target 1.2369 (21-day sma) en route to 1.2537 (high Jan.25).

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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