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EUR/USD runs out of gas as dollar steams back
There have been ,many reactions to the US CPI report and much of those has concerned the dollar. The US currency has bounced back across the board following the US CPI release and that has been led by gains in the USD/JPY. However, the EUR/USD has fallen foul of this dollar rebound too. The high just prior to the CPI release was set at 1.0996, but it might have traded above 1.10 in some shops. However, I cannot comment on those if it did. The reaction now has seen the EUR/USD fall back and take out the earlier session low. It has now traded to a new low a short while ago at 1.0936. This could have further to fall too, but much will depend on what stops (if any) there are in place below 1.0923 and 1.0911. The EUR/USD is currently trading at 1.0940
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