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Aug 12 - 10:55 AM

EUR/USD: Post-CPI Rebounds Likely Temporary - Danske

By eFXdata  —  Aug 12 - 09:30 AM

Danske Research sees a scope for EUR/USD to resume its decline following yesterday post-CPI rebound.

"EUR/USD rebounded slightly and US interest rates dropped back after US CPI releases came out just below the consensus expectation. In our view, it is likely to only be a temporary set back in the downwards trend in EUR/USD and upwards trend in interest rates. We note that even though CPI inflation did not surprise on upside for the first time since February, inflation remains elevated and above 2% on an annualised basis," Danske notes. 

"Hence, the release should not have material impact on Fed's pending decision to start tapering bond purchases. A string of Fed speakers following the release further hinted in that direction," Danske adds. 

Source:
Danske Research/Market Commentary

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