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EUR/USD Fails to Maintain Rally, Pushed Down by US CPI

July 11, 2019 by

EUR/USD was attempting to extend yesterday’s rally today but failed and was trading near the opening level after the US Consumer Price Index beat expectations. With unemployment claims being also better-than-expected, the dollar got enough support to rebound a bit.

US CPI rose 0.1% in June, the same as in May, while analysts were expecting no change. (Event A on the chart.)

Initial jobless claims were at the seasonally adjusted level of 209k last week, down from the previous week’s revised level of 221k. Experts had predicted just a mild decrease to 220k. (Event A on the chart.)

Treasury budget deficit shrank sharply to $8.5 billion in June down from $207.8 billion in May. The actual value was not far from the consensus forecast of a $7.9 billion deficit. (Event B on the chart.)

If you have any comments on the recent EUR/USD action, please reply using the form below.

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