The EUR/USD surged on Wednesday, experiencing one of its best days in 2024, climbing to 1.0900 and heading towards a fourth consecutive week of gains. Broad market selling pressure lowered the value of the US dollar (USD) as risk appetite soared after US Consumer Price Index (CPI) inflation dropped more than investors had anticipated.
US CPI inflation fell to 0.3% from the previous month, below the market's average forecast of remaining steady at 0.4%. This unexpected drop sparked a broad market risk rally, increasing optimism about the Federal Reserve (Fed) potentially cutting interest rates in September, which in turn boosted the EUR/USD pair.
US CPI inflation fell to 0.3% from the previous month, below the market's average forecast of remaining steady at 0.4%. This unexpected drop sparked a broad market risk rally, increasing optimism about the Federal Reserve (Fed) potentially cutting interest rates in September, which in turn boosted the EUR/USD pair.
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