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EUR/USD

August 4, 2023

By Katie Oliver

EUR/USD

EUR/USD rose to its highest level in two weeks on Thursday but failed to maintain momentum.

The release of the Consumer Price Index (CPI) showed that inflation in the US rose higher to 3.2% on a yearly basis in July from 3% in June. Monthly CPI and Core CPI rose 0.2%, the same as June’s figures and in line with market expectations. While the release weakened the greenback, the cautious market mood erased any gains for the EUR/USD.

Expected Volatility – Medium

The recent re-pricing of growth and rate expectations in the Eurozone has weighed on the pair, but if there are signs the US economy is slowing down, then the euro could find support.