EURUSD falls on robust US CPI.
EURUSD falling today on the strong U.S. dollar inflows after US CPI beat estimates with 5% and Core CPI reached 3.8%. The pair is also pressured down after ECB left its rates unchanged and refrained from tapering. The ECB further noted that it will continue to conduct net asset purchases under Pandemic Emergency Purchase Programme (PEPP) with a total envelope of €1,850 billion until at least the end of March 2022. Lagarde added that “ECB stands ready to adjust all of its instruments, as appropriate, to ensure that inflation moves towards its aim in a sustained manner, in line with its commitment to symmetry.” This is leading the traders to expect the rates to remain on hold in Eurozone – adding to the bearish pressure on EURUSD.
Next support to watch – 1.2105
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