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EUR/USD Price Action Setup After US CPI

February 15, 2023

Via: DailyFX

After a choppy session, EUR/USD ended largely flat after US CPI data provided little cues on the future path of Fed policy, reasserting the broader consolidation backdrop in EUR/USD.

While consumer prices rose 6.4% on-year in January, the smallest rise since late 2021, but gained 0.5% on-month, a tad faster than the 0.4% expected. The US rate futures market continues to price in two more Fed rate hikes, in March and mid-2023. Hawkish remarks by Fed officials on Monday suggested the Fed isn’t close to pausing its rate hiking cycle. The key focus is now on US retail sales data which would provide some guidance on consumer spending amid lingering recession concerns.

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