The EUR/USD pair spent the first half of the day consolidating Tuesday’s gains, reaching a fresh intraday high of 1.0836 during European trading hours.
EUR/USD Current price: 1.0860 The US Consumer Price Index rose 3.4% YoY in April, as expected. The US Dollar accelerated its decline as inflation figures hint at higher-for-longer interest rates. EUR/USD gains bullish momentum and aims to test the 1.0900 mark. The US Dollar came under selling pressure after the release of the United States Producer Price Index on Tuesday, as wholesale inflation was higher than anticipated on a monthly basis in April.
Other US data released alognside resulted discouraging, as Retail Sales stayed pat in April, while the New York Empire State Manufacturing Index fell to -15.6 in May, worse than the -10 anticipated. A couple of Fed speakers will be on the wires after Wall Street’s opening. Meanwhile, US indexes jumped north with the news, while government bond yields turned lower, putting additional pressure on the USD.
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