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EUR/USD Fails to Keep Gains, Falls Below Opening Level

EUR/USD attempted to rally after data showed that core inflation was below expectations (0.1% actual versus 0.2% forecast) but failed to maintain upward momentum and slipped below the opening level. Speculators continue to bet on an interest rate hike from the Federal Reserve in December, and that is likely to support the dollar until then.

CPI rose 0.3% in September, matching forecasts exactly. The index was up 0.2% in August.

Net foreign purchases were at $48.3 billion in August. That was below the July value of $102.8 billion but above the median forecast of $22.0 billion.

EUR/USD as of 2016-10-18

If you have any comments on the recent EUR/USD action, please reply using the form below.

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About Louie Lewis

Louie Lewis
Successful forex trading starts with you first. Then comes the actual strategies and techniques. I have been involved with forex and forex trading for a few years now. It is a wonderful way to build wealth. The learning never stops and I want to help others along their journey into this wonderful market of opportunity.

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