EUR/USD Slides to around 1.0520 Before Eurozone Inflation Data

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EUR/USD price action slides to about 1.0520, during a change in the risk-off push. However, traders are waiting on the publication of the Eurozone HICP and Fed: Powell’s Statement for directions. A preparatory assessment of Eurozone HICP is a stabilization of the previous publication.

The Euro area upward forces have swapped attention to the HICP: Harmonized Index of Consumer Price. This data is anticipated to be published today: Friday. A preparatory assessment revealed that the yearly HICP numbers are anticipated to stay the same as the previous: 8.1%. Furthermore, the main HICP doesn’t consist of food, energy, ethanol, and tobacco is perceived to stay constant at 3.8%. Consequently, this will affect the EUR and EUR/USD prices.

EUR/USD Slides to around 1.0520 Before Eurozone Inflation and Powell's Speech

Other Factors Guiding EUR/USD Price Action

A constant inflation rate will be encouraging to investors, this is because different economies are announcing their inflation rate, which is higher than their previous ones. Consequently, this will push the European Central Bank to be hawkish in their monetary policy order next month: July. Eventually, this will affect the EUR/USD price.

From the USD side, the USD has Changed direction steeply and striving to balance beyond 104. In addition, this change of direction occurred due to bad market feelings. The DXY is striving to recover its charm before Powell’s (Fed chair) speech. Powell is anticipated to give the philosophy backing the declaration of a 75 bps Raye increase. Also, the Fed chair is anticipated to give a plan for curtailing inflation. Eventually, this will affect the US dollar and as well guide where EUR/USD price is heading.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.