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The US dollar fell for the second consecutive day. The retail sales report for September was weaker than expected. Headline retail sales fell 0.3% while core retail sales fell 0.1%, missing estimates. Data for the previous month was revised higher. However, the dollar maintained the bearish momentum. Lack of progress on the US and China trade talks also kept traders on the sidelines.
Eurozone Inflation Weakens More than Forecast
The Eurozone inflation came out weaker than expected. On a year-over-year basis, headline inflation grew by 0.8% in September. This was below the estimate of a 0.9% increase. Core inflation was seen rising by 1.0%, matching estimates. The euro was muted to the data.
EURUSD Short-term Rally Remains Strong
The euro currency was seen recovering from the consolidation. Price action was seen at the 1.1030 level. The gains put EURUSD on track to test the upper resistance level of 1.1091. A retest of this level will keep the currency pair within the range. A breakout...
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