Dollar steady ahead of crucial US CPI release; EUR/USD consolidates
The US dollar index holds steady at 105.20 as forex markets await today's pivotal US CPI inflation data, with EUR/USD consolidating around 1.0730. Market expectations point to core CPI remaining at 3.3% year-over-year, though any deviation could significantly impact Fed rate cut expectations for 2025. European session trading saw minimal volatility, with major pairs confined to tight ranges. EUR/USD traded between 1.0720-1.0740, while GBP/USD hovered near 1.2650. The upcoming CPI release at 13:30 GMT could break the current consolidation phase, with traders positioned for potential volatility spikes. A higher-than-expected reading would likely strengthen the dollar and push EUR/USD toward 1.0700 support, while softer inflation could propel the pair above 1.0760 resistance, targeting the 1.0800 psychological level.
Related Symbols:
EURUSD
GBPUSD
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