EUR/USD Drops for Third Day as German Inflation Data Weighs
The euro extended losses against the dollar for a third straight session, with EUR/USD hovering near 1.1540 after German inflation data failed to support the single currency.
EUR/USD continued its decline on Wednesday, trading around 1.1540 in European hours, as the euro remained under pressure following the release of Germany’s Harmonised Index of Consumer Prices (HICP).
The pair has now fallen for three consecutive days, with the German inflation print providing no relief for the single currency. The data reinforced the view that price pressures in the bloc’s largest economy remain subdued, leaving the euro on the defensive.
Market attention now turns to upcoming Eurozone-wide inflation figures and central bank commentary for further clues on the pair’s direction.
Source: FXStreet Forex News