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EUR/USD rebound stalls as dollar recovers and oil lifts

The US dollar is recovering now against all but the charging Canadian dollar. The USD/CAD is back under 1.34 again now. That is partly due to the higher inflation data we saw earlier and partly due to yet more gains in the oil complex. The CAD just loves higher oil and the US dollar is making progress elsewhere too. The US has oil, but Europe and Japan do not. Hence, the earlier rebound in EUR/USD, to as high as 1.0718 has now blown out. The USD/JPY is rising again for the very same reason and the CAD is the strongest of the lot. The EUR/USD is now trading at 1.0686

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