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Hopes of peace in Ukraine eclipse higher US inflation- EUR/USD rises towards 1.0450
Yesterday afternoon, it was initially all about the rebound in the dollar after the higher than expected US CPI data. However, news emerged just after the 4pm London fix, that Trump had already been hard at work, speaking to the Russian President and then to the President of Ukraine. The upshot of all that and the headlines that followed gave rise to a rapid escalation in the hopes for a peace deal being potentially reached in Ukraine. That is what pushed the dollar lower and sent the DAX rising again into the close. So, the EUR/USD, which was already off its worst levels of the day rose. The Euro pushed above 1.04, to around 1.0430. It did back off into the US close though, ending that session at 1.0383. However, this morning it has pushed higher again. The EUR/USD is close to session highs right now (1.0440) and as you can see, this important geopolitical development has eclipsed the US inflation data. The EUR/USD is right now at 1.0435
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