EUR/USD faces downward pressures below 1.1000 after a solid US PPI report – by christianborjon EURUSD Currencies Majors
ited States increased appetite for the safe-haven status of the Greenback. Hence, the EUR/USD reversed its course and trades at 1.0958, down 0.20%.
Risk-aversion keeps flows toward the US Dollar even though consumer inflation in July cooled down, as the US Department of Labor reported on Thursday. Nevertheless, an early report but the same institution witnessed a jump in the of 0.3% MoM above estimates of 0.2%, while annually based ticked up from 0.2% to 0.8%. Core PPI readings which exclude volatile items to gather a better reading about inflation, rose by 0.3% MoM, exceeding estimates and the prior’s month -0.
The University of Michigan recently revealed that consumer sentiment has deteriorated compared to July 71.6, coming at 71.2, while inflation expectations improved. Americans think inflation in the one and five years horizon would ease, from 3.4% to 3.3% and from 3% to 2.9%, respectively.
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