EUR/USD ahead of Euro area inflation release

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Recently, the ECB adopted more of a dovish stance. ECB President Christine Lagarde noted that the eurozone’s economy is in a disinflationary process and added that inflation is ‘making good progress’.

ECB Dovish Stance Lagarde added that they are confident but ‘not sufficiently confident’ and commented that additional data is needed; more will be known in June. In addition to this, in recent newspaper interviews, we saw ECB's Yannis Stournaras and Robert Holzmann stress the point that the ECB could potentially cut rates by 100bps and be the first to cut ahead of the Fed. This is weighing on the EUR/USD currency pair.

8%, weighed down by cooling food, manufactured goods, and energy prices. Expectations heading into tomorrow’s release show both headline and core readings down to 2.5% and 3.0% , respectively. Daily Support in View at $1.0739 Technically, this remains a bearish pair. Longer-term studies have maintained a downside bias since 2008. The pullback off September 2022 lows at $0.9536, therefore, could be viewed as a sell-on-rally scenario.

 

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