Euro rebounded in the US session

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Wednesday, Sep 16 2015

After initial decline euro rebounded in the US session. Earlier this morning Eurozone CPI data was released. Euro area annual inflation was 0.1% in August 2015, down from 0.2% in July. In August 2014 the rate was 0.4%. European Union annual inflation was 0.0% in August 2015, down from 0.2% in July. A year earlier the rate was 0.5%.

The largest upward impacts to euro area annual inflation came from restaurants & cafés (+0.10 percentage points), vegetables (+0.09 pp) and tobacco (+0.08 pp), while fuels for transport (-0.55 pp), heating oil (-0.25 pp) and milk, cheese & eggs (-0.07 pp) had the biggest downward impacts.

The dollar climbed against a basket of currencies on Wednesday, underpinned by lofty U.S. yields after upbeat consumer spending data kept alive expectations the U.S. Federal Reserve would raise interest rates. Two-year Treasury yields reached their highest in over four years and long-dated U.S. yields their highest in nearly two months before a Fed meeting that starts on Wednesday.

Euro is currently being traded few points above 1.1270 level. Pair is likely to find support around 1.1230 area and resistance above 1.13 handle.

More in this category: « US CPI decreased 0.1% Aussie testing 0.72 handle ahead of FOMC »

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