$EURUSD Forex Signal: Broadening Bottom Forms The euro drifted downwards against the US dollar as traders assessed the impact of the stronger-than-expected inflation numbers.
The EUR/USD pair first rose to a weekly high of 1.0800 and then quickly erased those gains to trade at 1.0725.-on sentiment set in in the market. This view happened after the strong American inflation numbers. On a positive side, America’s inflation dropped slightly on a year-on-year basis. It moved from 6.5% in December to 6.4% in January. However, on the other side, inflation moved up slightly on a month-on-month basis.
On the other hand, some analysts are optimistic that inflation is actually ticking in the right direction. In a note, analysts at ING noted that core inflation rose by just 0.2% on a MoM basis. If this trend continues, they believe that the YoY figure will move closer to 2% later this year. As such, they reiterated that the Fed will be forced to cut interest rates in the fourth quarter.
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