EUR/USD is trading quietly prior to the major key US inflation data release on Tuesday.
US CPI data is likely to shape expectations of when the Federal Reserve will start to cut interest rates – a US Dollar driver.
There are technical signs the pair may be about to correct further, although the short-term trend remains bullish.
EUR/USD is trading in the 1.0940s on Monday during the early European session as traders await the next big data release for the pair, US Consumer Price Index (CPI) inflation data out on Tuesday, at 13:30 GMT.
The CPI report is seen as a key factor in deciding when the US Federal Reserve (Fed) will decide to start cutting interest rates. If inflation falls lower than expected, then it could bring forward the moment when the Fed pivots. Lower interest rates would be negative for the US Dollar (USD) all other things being equal, as they attract lower inflows of foreign capital.
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