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EUR/USD near session highs as EU inflation data awaits
At 10am GMT this morning, the EU will release the latest March flash HCIP inflation report. This is expected to show that prices did not last month. The forecast on that is for HCIP to remain static at 2.6%. The core rate (Ex food and energy) is forecast to edge a little lower, to 3.2% from 3.3%. This data is a flash reading and so subject to revision at a later date. What the markets will be really looking for is whether not prices fell, or perhaps more surprisingly, actually rose. Ahead of this the EUR/USD has held a tight morning range. Yesterday the EUR/USD rebounded from a session low at 1.0725, to later close in the US at 1.0770. The range seen so far today has been covered by 1.0764 to 1.0779 and just now it is toward the upper end of that. To be honest the US data later on is probably more important for the price action, but of course this EU data can cause more than just a passing reaction, if it is well outside of the consensus. The EUR/USD is just now trading at 1.0776
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