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Enter your emailThe pair will likely keep falling ahead of the upcoming interest rate decision by the ECB.Timeline: 1-2 days.pair declined sharply on Tuesday and on Wednesday morning as investors reacted to the latest US inflation data.
However, digging deeper into the data showed that core inflation actually declined on a month-on-month basis. It moved from 0.5% in February to 0.3% in March. It was lower than the median estimate of 0.5% and was the lowest level since August last year. Therefore, there is a likelihood that prices will stabilize if oil and gas prices retreat.
The next catalyst for the EUR/USD will be the latest producer price index data that will come out on Wednesday. Economists expect that the headline PPI rose from 10.0% in February to 10.6% in March while the core PPI rose to 8.4%.
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