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EUR/USD lifts further after Eurozone HICP beats on all fronts

The May flash reading of Eurozone HCIP has just been released and it has surprised to the upside on both counts. Ahead of this the EUR/USD was on the rise, edging back towards 1.0840 and hence on session highs. The USD/JPY was rising at the same time too, so the EUR/JPY was pushing back, further above 170 once more and closer to 170.50. The EUR/GBP was also pressing higher again as well. So what you had was an across the board move higher in the Euro. The impact of this EU inflation news has served to underpin those moves and the fact that Euro was making progress ahead of the release does suggest it was not perhaps the guarded secret it should have been. The EUR/USD is currently trading at 1.0843

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