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Eurozone core CPI above estimates but EUR/USD fails to respond
The preliminary reading of February Eurozone CPI has just been released and it was a little higher than expected. Eurozone annualised core prices rose at a rate of 3.1% last month. That was down from the prior rate of 3.3%, but above the expected rate of 2.9%. The initial reaction saw the EUR/USD rise to its best level of the morning so far and the DAX dipped on the news. It remains to be seen if this data will have a more lasting and deeper reaction. The point is; that inflation in the Eurozone is falling, but surely not as fast as many ECB officials would like. So, now we wait and see if this data delivers some hawkish comments from any of those officials. The overall inert reaction in the Euro does once again beg the question: what exactly will it take right now to kick this thing higher? The longer it cannot rise, the inevitable might play out. The EUR/USD is just now trading at 1.0812
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