$EURUSD Forex Signal: King Dollar Reigns Supreme
It plunged to a low of 1.0545, the lowest point since January 6. The pair has plunged by more than 4.50% from its highest level this month.Data published last week showed that US and European inflation remained stubbornly high in January. In Europe, the main concern is that core inflation, which excludes volatile products like natural gas, remained at the highest point in years.
Meanwhile, the US published the personal consumption expenditure data on Friday. The numbers showed that the PCE rose by 5.4% in January while the core CPI rose by 4.7%. The EUR/USD will have some key catalysts this week. In the US, the Conference Board will publish the latest consumer confidence data. These are important numbers because they are good indicators of consumer spending, the biggest part of the American GDP.
The European Union will also publish other important economic numbers. On Thursday, Eurostat will publish the flash consumer inflation data. Analysts expect that the bloc’s headline inflation dropped from 8.6% to 8.2% in February.The EUR/USD exchange rate continued its bearish trend after the strong inflation data. It moved to a low of 1.0542, the lowest point since January. As it dropped, it moved below the key support at 1.0616, the lowest point on February 17.
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