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Following this news, the dollar dropped somewhat against its peers. The US Dollar Index was down 0.1 percent on the day at 92.97 at the time of writing.
Inflation in the United States, as measured by the Consumer Price Index (CPI), remained constant at 5.4 percent yearly in July, according to statistics released on Wednesday by the US Bureau of Labor Statistics. This figure was a tad higher than the market’s forecast of 5.3 percent.
The US yearly CPI inflation, which excludes volatile food and energy costs, fell to 4.3 percent from 4.5 percent in June, as expected, according to the report. The Core CPI was 0.3 percent monthly, compared to analysts’ expectations of 0.4 percent.
In an interview with Reuters, Richmond Federal Reserve Bank President Thomas Barkin said that meeting the Federal Reserve’s taper target could take a few more months.
“Not focused on the calendar in taper discussion but more improvement in the job market and particularly further increase in employment to population ratio.” “Remains an open question how delta variant will impact the economy through so far is not turning up in data.” “When taper does begin, would prefer something simple and easy to explain to markets.”
US Yearly CPI Data Pushes EURUSD Back Near 1.1750
In the second half of the day, additional USD weakening appears to be enabling EUR/USD to emerge. The Consumer Price Index (CPI) remained constant yearly at 5.4 percent in July, according to statistics released by the US Bureau of Labor Statistics on Wednesday. Furthermore, the US yearly CPI inflation dropped to 4.3 percent from 4.5 percent in June, as forecasted.
Although these figures were substantially in accord with analysts’ expectations, the early price movement put the dollar under some price swings. At the time of writing, the US Dollar Index was trading at 92.90, down 0.18 percent for the day.
The EUR/USD pair attempted to mount a significant rebound in the early American session after falling as low as 1.1700 earlier in the day and was last seen climbing 0.2 percent on the day at 1.1743.
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