It remains to be seen if the ECB will adjust the forward guidance at its next meeting on February 3 as the core Consumer Price Index holds steady at 2.6% per annum for the second month, which is the highest reading since the data series began in 1997, and speculation for a change in regime may keep EUR/USD within the November range as the “G
overning Council stands ready to adjust all of its instruments, as appropriate and in either direction, to ensure that inflation stabilises at its 2% target over the medium term.Nevertheless, the update to the US CPI may sway EUR/USD over the coming days as the headline reading is expected to increase to 7.1% from 6.
With that said, EUR/USD may continue to track the November range over the coming days as it attempts to retrace the decline from the start of the year, but fresh data prints coming out of the US may sway the exchange rate as the Fed prepares to implement higher interest rates while the ECB remains in no rush to normalize monetary policy.
DavidJSong Poesi
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