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Oct 31, 2023MACROEurope

Euro Holds Gains After Eurozone Inflation Comes In Below 3.0% But Core Remains 'Sticky'

Eurozone CPI fell to 2.9% year-on-year in October from 4.3% in September, below the 3.1% forecast. Core inflation eased to 4.2% but remained elevated, and the euro gained on the data.

WHY IT MATTERS

Falling inflation raises the chance of ECB rate cuts in 2024, which supports the euro against the dollar. A stronger euro lowers the dollar cost of European feed and ingredient purchases.

AFFECTSEuro (USD per EUR)▲

SOURCE
poundsterlinglive.comGary HowesOct 31, 2023

Price reaction & history

Euro (USD per EUR)▲bullishSO FAR1d -0.5%5d +1.2%20d +3.3%

After 388 past bullish macro events, Euro (USD per EUR) moved a median +0.3% over 5 sessions (62% higher; middle half -0.4% to +1.1%), and +0.1% over 20.

Sep 1, 2021Euro holds near one-month high after inflation jolt | Reuters+0.2%
Mar 31, 2023Dollar up vs. euro but remains on track for weekly loss after inflation data+0.3%
Sep 1, 2026Euro zone inflation rises above 3%, cementing ECB rate hike bets | Reuters+0.1%
May 24, 2022Euro extends gains after Lagarde's bullish remarks+0.6%
Aug 31, 2021What Does the Higher Eurozone Inflation Have in Store for the EUR/USD?+0.5%

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.

Euro (USD per EUR) EURUSD · GP ▸

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