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Nov 29 - 04:55 AM

EUR/USD - Soaring CPI Challenges ECB And Traders Short EUR/USD

By Jeremy Boulton  —  Nov 29 - 02:44 AM
  • NW state CPI hits 5.1% yy in November from 4.5% yy in Oct

  • Inflation is way above levels seen since 1996 usually capped circa 3%

  • ECB's surprisingly dovish talk has fuelled a EUR/USD sell-off nS8N2S90MI

  • Traders betting heavily on a drop, now conditions suit risk reduction

  • Extent of rise so far is negligible, bigger correction likely

  • 1.1379 is the minimum objective for tech correction of drop since Oct 29

  • Centre 20-day Bollinger bands is 1.1401, 50% Oct-Nov drop 1.1439



EURUSD Click here

NW CPI Click here

Source:
Refinitiv IFR Research/Market Commentary

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