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Manufacturing PMI and US jobsprice held steady after the European Union published worrying economic numbers from Europe. According to Eurostat, the bloc’s consumer price index rose from 0.1% to 0.5% in August. This increase translated to a year-on-year gain of 9.1%, which was the highest reading on record.
Core inflation, which excludes volatile food and energy products, rose from 0.1% to 0.5%. It rose from 4.0% to 4.3% on a year-on-year basis. These numbers are significantly higher than the ECB’s target of 2.0%. In addition, inflation in the bloc is substantially higher than the reported numbers since European governments have unveiled subsidies to cushion their citizens.will likely keep rising now that Russia has cut natural gas supplies to the bloc for three days.
The EUR/USD also rose even after Fed’s Loretta Mester reiterated that the Fed will likely hike interest rates to 4% by early next year. She also hinted that the bank will not cut interest rates in 2023. The next key catalyst for the pair will be the latest EU and US manufacturing and services PMI numbers that will come out later today. They will be followed by the closely watched US non-farm payrolls data.The EUR/USD pair continued consolidating ahead of the upcoming US non-farm payrolls data.The pair’s Relative Strength Index has been in an upward trend.
It has formed an inverted cup and handle pattern. Indeed, the current consolidation is part of the handle section. Therefore, the outlook for the pair is still bearish, with the next key support being at 0.9900.
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