This EUROZONE CPI Will be HUGE for the EURUSD – Here is Why!

Eurozone CPI and EUR/USD Outlook: What to Watch For

Today is a crucial day for forex traders as we anticipate key economic data from the Eurozone and the U.S. Starting at 7 p.m. Sydney time, the Eurozone CPI report will be released, which could have significant implications for the EUR/USD. The previous CPI stood at 2.2%, but the consensus now is 1.8%. The EUR/USD is currently trading within a range, showing signs of consolidation, especially around the 1.12 resistance level, which has been tested three times without a breakout.

The euro may face further consolidation until Friday’s non-farm payroll (NFP) report. If the NFP comes in lower than expected, we could see the EUR strengthen and potentially break above the 1.12 level. However, if the NFP exceeds expectations, a drop to 1.10 could be on the cards.

Additionally, the U.S. Manufacturing PMI will be released at 11:45 p.m., with expectations of a decline from 47.9 to 47. However, some analysts predict a better-than-expected figure, signaling a stronger U.S. economy and potentially pressuring the EUR/USD further.

With inflation still a pressing issue in the Eurozone, all eyes are on whether the CPI will come in higher or lower than the consensus. A higher CPI would signal persistent inflationary pressures, potentially giving the euro a slight boost. However, a lower reading could result in a bearish outlook for the EUR/USD.

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