Euro Gathers Strength Above 1.1400 After Soft US Inflation Data
EUR/USD rose to near 1.1425 in early Asian trading as softer-than-expected US inflation data weighed on the dollar, temporarily easing pressure on the Federal Reserve.
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The euro strengthened against the US dollar during early Asian hours on Wednesday, pushing EUR/USD to around 1.1425. The move came after US inflation data came in softer than anticipated, which briefly reduced expectations for further tightening by the Federal Reserve.
The weaker dollar provided support for the euro, which climbed above the 1.1400 level. Market participants are now awaiting additional catalysts to gauge the next directional move for the pair.
Source: FXStreet Forex News