The Bureau of Labor Statistics (BLS) will publish the highly anticipated Consumer Price Index (CPI) inflation data from the United States (US) for June on Wednesday at 12:30 GMT.
The US Consumer Price Index is forecast to rise 3.1% YoY in June, at a softer pace than May’s 3.3% increase. Annual core CPI inflation is expected to hold steady at 3.4%. The inflation data could confirm or deny a Fed rate cut in September and drive the US Dollar valuation. The Bureau of Labor Statistics will publish the highly anticipated Consumer Price Index inflation data from the United States for June on Wednesday at 12:30 GMT.
In this case, investors could price in a widening policy gap between the European Central Bank and the Fed, opening the door for a sharp decline in EUR/USD in the near term. Eren Sengezer, European Session Lead Analyst at FXStreet, offers a brief technical outlook for EUR/USD and explains: “EUR/USD holds above the 100-day and the 200-day Simple Moving Averages following the pullback seen earlier in the week, reflecting sellers’ hesitancy.
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