EUR/USD drops due to high US CPI

Source: Dukascopy Bank SA


On Wednesday, the United States Labour Statistics Bureau released the monthly US Consumer Price Index and Core Consumer Price Index data for April. The markets expected the data for clues in regards to the effectiveness of the first US Federal Reserve Rate hike done on March 15.

At 12:30 GMT, the CPI and Core CPI came in at 0.3% and 0.6% instead of market forecast 0.2% and 0.4%. The event caused a surge of the US Dollar and drop of all assets traded against it, as it revealed the current Fed policy had failed to decrease inflation.

As observed above, the EUR/USD reacted to the news with an immediate drop of almost 50 base points or 0.45%. Meanwhile, on a larger scale, the rate remained above the 1.0500 mark and the recent low level zone below it.

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