EUR/USD hits over two-month top, around 1.1030 area as USD selling remains unabated – by hareshmenghani EURUSD Fed ECB Inflation Currencies
The momentum is sponsored by the prevailing selling bias surrounding the US Dollar , which is seen prolonging its recent downtrend witnessed over the past week or so and dropping to a fresh two-month low. Several Federal Reserve officials said on Monday the US central bank will likely need to raise interest rates further to bring down inflation, though indicated that the end of the current monetary policy tightening cycle is getting close.
Bullish traders, meanwhile, seem rather unaffected by Tuesday's disappointing release of the German ZEW Economic Sentiment Index, which fell to -14.7 in July from -8.7 in the previous month and missed expectations. This, however, was largely offset by German consumer inflation figures, which confirmed the rebound in June after three months of moderation. In fact, the German CPI was finalized to show a 0.3% rise on a monthly basis and 6.
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