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EUR/USD cautiously edges above 1.0850 as dollar slips across the board
The dollar has weakened further over the course of this morning. The USD/JPY has dropped back below 161.50 after stalling earlier around 161.75 and the GBP/USD has continued to extend a move above its 200 weekly moving average. The GBP/USD has now lifted above 1.2875 and hence closer to the current 2024 high, at 1.2894. At the same time the EUR/USD has gotten past the 1.0850 level, which is something it could not achieve last week. The move higher comes ahead of the eagerly awaited US CPI report, at 12.30pm GMT. An update here on what is expected will follow later this morning. Meantime, the EUR/USD has pushed to a high so far at 1.0853. The price action is pretty cautious though ahead of that important US data, which is understandable. The EUR/USD is currently trading at 1.0850
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