Euro

Euro

Euro Bulls See US CPI Data as Catalyst for Push Toward $1.10

The euro's rally against the dollar has stalled over the past month at resistance around its May high. Bulls are hoping Thursday's US inflation data will provide enough ammunition for it to breach that barrier and resume its progress.

The euro has been on a steady rise against the dollar, but it has encountered a roadblock in the form of resistance near its May high. However, market bulls are optimistic that the upcoming US inflation data, set to be released on Thursday, will serve as a catalyst for the euro to push past this barrier and continue its upward trajectory.

Investors are eagerly awaiting the US CPI data, as it could potentially provide the necessary momentum for the euro to reach $1.10 against the dollar. If the data indicates higher inflation, it could weaken the dollar and give the euro the boost it needs to surpass its current resistance level.

Overall, the euro's rally has temporarily paused, but market bulls are hopeful that the upcoming US inflation data will reignite its upward movement and propel it towards the $1.10 mark against the dollar.