Euro grinds lower, aiming to break below the year’s low at 1.0470 EUR EURUSD $EUR $EURUSD
The European Central Bank paved the way for a rate hike in July.trades at around 1.0520, ending Wednesday marginally lower. The pair flirted with the 1.0500 figure after the release of overheated US inflation figures. According to the official release, the April Consumer Price Index increase was at 8.3% YoY, slightly below the previous 8.5%, but higher than the 8.1% expected. The core reading, which excludes volatile food and energy prices, resulted at 6.2% above the market’s forecast.
On Thursday, the US will release weekly unemployment figures and the April Producer Price Index, foreseen at 8.9% YoY.The EUR/USD pair is technically bearish, according to the daily chart. It keeps developing below firmly bearish moving averages, as technical indicators lack directional strength within negative levels. A lower low and a lower high on a daily basis hint at a bearish extension in the upcoming sessions.
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