$EURUSD Forex Signal: More Downside Amid Signs of a More Hawkish Fed
It crashed to a low of 0.9995, which was the lowest level since September 8. The price was also about 2% below the highest level this week.The EUR/USD price resumed the bearish trend as the US dollar made a strong comeback after the latest consumer inflation data. According to the Bureau of Labor Statistics , the headline consumer price index rose from 0.0% in July to 0.1% in August.On a year-on-year basis, inflation rose by 8.3% in August, which was lower than the previous 8.5%.
Besides, the price of gasoline has dropped from the year-to-date high of $5 to about $3.70. Used cars and even rent prices have started dropping. The next key catalyst for the EUR/USD will be the latest producer price index data. Analysts expect that the headline PPI dropped from 9.8% in July to 8.8% in August. They also see the core PPI dropped from 7.6% to 7.1%. The pair will also react to the industrial production data from Europe.The EUR/USD pair has been in a strong bullish trend in the past few days. It managed to rise from last week’s low of 0.9863 to a high of 1.0196. This rebound ended on Tuesday after the USdata.
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