EUR/USD: US Consumer Price Index

The Greenback weakened against the single European currency, following the release of US consumer price index data. The EUR/USD currency pair soared 25 base points, or 0.20%, reaching the intraday's high of 1.2367.

The Bureau of Labour Statistics revealed on Tuesday that February consumer price index hit the forecasts, rising at a 0.2% pace, following the 0.5% upmove recorded in the previous month. The US Labour Department raised concerns that inflation is likely to accelerate, and, as a result, the Fed could hike interest rates faster than anticipated. Investors are carefully watching the situation in the market and looking for clues on how quickly the rates could be raised.