Euro Notably Higher Ahead of US CPI Release

Forex News

The single currency increased versus US dollar today. The EUR/USD pair rose by 0.23% to trade at 1.1546 level. As no important economic data from the Eurozone are expected, investors will be keeping a close eye on the ECB policy meeting accounts, looking for hints as to the timing of a rate hike next year. Also, markets are focused on US CPI report.

Headline CPI growth is expected to ease to its lowest since March on a yearly basis. September’s CPI is anticipated to grow by 0.2% on a monthly basis, the same as in August. This would put the annual rate of growth in the measure at the six-month low of 2.4%. Core CPI is awaited to be 2.3% yoy from 2.2% yoy in August.

Today’s data showed, that inflation in France declined in September, confirming initial estimates. The consumer price index rose in September at an annualized rate of 2.2% after increasing by 2.3% in August. As a result of the month, the consumer price index fell by 0.2% in September after recovering in August by 0.5%.