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EUR/USD could react to any surprises from EU HCIP data at 9am GMT

Beyond the important US PCE report due later today (at 12.30pm GMT) there is some important Eurozone data due at 9am GMT. This is the latest flash HCIP report for May. This data can impact the markets, especially with the ECB policy meeting due next week. Indeed, it could deliver doubts on the outlook for an ECB rate cut next week too, but only if the data is markedly above forecasts. So, what is expected this morning? The markets expect core annualised HCIP to remain unchanged at 2.8%. The non-core rate is expected to rise slightly, from 2.4% to 2.5%. Anything markedly outside of that forecast will throw up an immediate reaction in the Euro, even if it subsequently not sustained, due the proximity of the US PCE data due later. Right now the EUR/USD is largely treading water, as it waits to see what this data has to offer, currently trading at 1.0823

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