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The euro rose against the dollar in European trade for the first time in four sessions, moving away from six-week lows near $1.0719. EUR/USD traded at $1.0753 as investors awaited U.S. May inflation data and the Fed decision.
Traders priced a 52% chance of a September Fed cut.
Routine pre-data positioning in the euro and the dollar has limited direct effect on feed commodity prices. Traders will watch the U.S. inflation data for the signal it gives on the timing of Fed easing.
economies.comRami HaddadJun 12, 2024Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
The euro was bouncing from six-week lows near 1.0719 ahead of the CPI release, so this sets the low starting base that the CPI-driven jump moved away from.
