The updated data showed that in August, annual inflation increased by 5.2%, down from the previous measurement of 5.3%. Core CPI, excluding food and energy, increased by 0.3% monthly and 5.3% annually.
This downward trend was taken positively by market participants, particularly following the European Central Bank's (ECB) decision to raise the key interest rate to 4.50%.
On the other hand, recent US macroeconomic data has been mixed. Housing Starts in August adjusted from 1.452 million to 1.283 million, less than expected, but Building Permits increased from 1.443 million to 1.543 million, outperforming estimates.
Later today, investors will be watching the outcome of the US Federal Reserve's monetary policy meeting, where the interest rate is expected to remain at 5+%. Comments about potential monetary policy tightening in November and December could significantly influence the markets.
Resistance levels: 1.0700, 1.0730, 1.0770
Support levels: 1.0600, 1.0630, 1.0600
This downward trend was taken positively by market participants, particularly following the European Central Bank's (ECB) decision to raise the key interest rate to 4.50%.
On the other hand, recent US macroeconomic data has been mixed. Housing Starts in August adjusted from 1.452 million to 1.283 million, less than expected, but Building Permits increased from 1.443 million to 1.543 million, outperforming estimates.
Later today, investors will be watching the outcome of the US Federal Reserve's monetary policy meeting, where the interest rate is expected to remain at 5+%. Comments about potential monetary policy tightening in November and December could significantly influence the markets.
Resistance levels: 1.0700, 1.0730, 1.0770
Support levels: 1.0600, 1.0630, 1.0600
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Running 90+ pips Market Moving Like We Said