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May 10 - 01:55 PM

EUR/USD - COMMENT-EUR/USD Stalls At Familiar Levels, US CPI Key For Direction

By Justin Mcqueen  —  May 10 - 12:00 PM

EUR/USD faltered ahead of the 200-DMA at 1.0793 during Friday’s session, which yet again proved to be the stumbling block that has capped upside in the pair, and upcoming U.S. inflation data may be key to pushing it through there or signaling a retreat.

The pullback received an additional boost following a notable jump in the latest University of Michigan inflation gauge, whereby the 1-year figure rose to 3.5% from 3.2%, marking the highest level since November 2023.

Naturally, the data will likely see traders wary of a potential topside surprise in the upcoming and significantly more important U.S. inflation report due May 15.

All told, the consumer sentiment reading within the University of Michigan report did fall to five-month lows, highlighting that U.S. data is on a downward trajectory.
As result, the U.S. divergence theme with the rest of the world appears to be past its peak.

The tone for FX will be in large part contingent on the U.S. CPI outcome.
Should the data surprise on the downside of expectations, EUR/USD will likely challenge 1.0867 -- the April 10 peak -- followed by 1.09.

For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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