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EUR/USD ignores Powell, but will it ignore the US CPI report later today?
Yesterday evening the EUR/USD spiked higher, from just above 1.0340, to a high at 1.0381. That was a really rapid move, but it is not clear what actually caused that spike. The EUR/USD did drop back somewhat into the US close, when it later ended the session at 1.0361. The price action so far today has been covered by 1.0354 and 1.0368. That is pretty contained and what was clear yesterday; the rather hawkish comments from Powell did not support the US dollar versus the European currencies. That might change later on, because we have some crucial US data due out at 1.30pm GMT- the January CPI report. More detail on that will follow later this morning. In essence though, it could dictate what happens next for the EUR/USD. It could underpin, or detract from the comment made by the Fed boss yesterday; that the Fed is in no rush to lower rates. The EUR/USD is right now at 1.0362
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