The Eurozone published its latest inflation data at 17:00 WIB. Inflation serves as a crucial indicator influencing monetary policy decisions and frequently impacts currency pairs such as EUR/USD.
The inflation figure for the Eurozone came in at 2.8%, surpassing the forecast of 2.7% from trading analysis, and an increase from the previous period which also stood at 2.7%.
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Higher inflation typically raises market expectations regarding potential tightening of monetary policy by the European Central Bank (ECB). This is due to the ECB’s target inflation rate of approximately 2%, and when inflation exceeds this level, the central bank may consider pausing interest rate cuts.
Such expectations often lead to a strengthening of the Euro, especially against currencies with lower interest rates like the USD. Following the release of this inflation data, EURUSD rose to 1.0427, and the increase in inflation suggests that the currency pair may continue to strengthen in the short term.
