EUR/USD bulls attack the 100-DMA hurdle at two-week high as markets await the key inflation data from Eurozone and the US. That said, the Euro pair ch
eered the US Dollar weakness, while also ignoring mixed data at home, to rise in the last three consecutive days before making rounds to 1.0930 amid early hours of Thursday’s Asian session.
On Tuesday, the softer US data bolstered hopes of an end to the Federal Reserve’s hawish cycle and favored the US Dollar sellers while the mixed German inflation clues failed to weigh on the Euro. Talking about the US data, the second readings of the US second quarter Gross Domestic Product Annualized declined to 2.1% from 2.4% initial forecasts while the GDP Price Index also eased to 2.0% versus the first readings of 2.2%. Further, the preliminary readings of the Personal Consumption Expenditures Prices also edged lower to 2.5% from 2.6% prior estimations for the said period.
More importantly, the ADP Employment Change dropped to 177K compared to 195K market forecasts and 371K previous readings . At home, the first readings of Germany’s inflation per the Consumer Price Index matched 0.3% market forecasts and prior on MoM basis but edged lower to 6.1% YoY from 6.2% previous readings, compared to the analysts’ estimations of 6.0%. Further, the inflation conditions per the European Central Bank’s favorite gauge, namely the Harmonized Index of Consumer Prices , eased to 0.4% MoM and 6.4% YoY versus 0.5% and 6.5% respective priors, compared to 0.3% MoM and 6.2% YoY marked estimations.
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