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USD Selling Off On Data Dump
The US dollar has been a little lower over the European morning on Thursday. Following some weakness in the monthly CPI reading earlier in the week, yesterday, PPI was also lower than expected last month.
After the NFP miss last week, this latest round of data weakness has seen the dollar index pulling back further from recent highs, trading 96.91 last.
EURUSD has rallied from the European open today, boosted by weakness in USD which has seen the pair trading back up to 1.1156 last, just ahead of the 1.1166 resistance level. Today, traders will get the December ECB minutes.
The market will be paying close attention to the discussions around any further easing, with regard to how much support and division there is within the ECB camp.
GBP Higher Despite Data Weakness
GBPUSD has been a little firmer today also, taking advantage of the weakness in USD. Yesterday, December CPI came in lower than expected at 1.3% YoY vs 1.5%.
On the back of a weak...
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