The EUR/USD pair declined to 1.0739, representing a substantial decline of 1.1%.
US headline and core CPI exceeded expectations, rising to 3.5% and 3.8% respectively in March.
minutes from March highlighted uncertainty about the persistence of high inflation and the efficacy of monetary policy. This decline has occurred following the release of hot inflation figures from the US which fueled hawkish bets on the Federal Reserve . The Federal Open Market Committee minutes from the March meeting didn’t trigger any reaction. The USBureau of Labor Statistics revealed on Wednesday that the nation's inflation rate, reflected by the Consumer Price Index , increased from 3.
Minutes disclosed a general lack of assurance amongst participants concerning the persistence of high inflation rates, with recent data failing to bolster their trust in the economy cooling down and t in the inflation rate steadily reaching the 2% benchmark. With inflation running hot as well as the labor market, officials may change their language and slowly give up on the chances of a June rate cut by the Fed.
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