EUR/USD Forecast: Euro could break out of range after US inflation data

EUR/USD trades in a narrow range ahead of key US data. Annual CPI inflation in the US is forecast to rise to 3.4% in March. Markets see a nearly 45% probability of the Fed leaving the policy rate unchanged in June. The pair holds steady at around 1.0850 on Wednesday as markets gear up for the inflation data release from the US. The Consumer Price Index is forecast to rise 3.4% on a yearly basis in March, following the 3.2% increase recorded in February.

It is the second most heavily traded currency in the world behind the US Dollar. In 2022, it accounted for 31% of all foreign exchange transactions, with an average daily turnover of over $2.2 trillion a day. EUR/USD is the most heavily traded currency pair in the world, accounting for an estimated 30% off all transactions, followed by EUR/JPY , EUR/GBP and EUR/AUD .

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