Eurozone CPI rose 2.0% this month, according to the preliminary estimate released earlier. That is a little above the forecast of 1.9% and above September’s 1.7% read, Scotiabank’s Chief FX Strategist Shaun Osborne notes.
EUR nudges higher on the day
“The data helped sway market pricing further towards a 25bps ECB cut in December (29bps of easing now priced in) and narrow 2Y EZ/US spreads a little further to provide the EUR with a small tailwind.”
“Consolidation signals from earlier this week are developing into a little more obvious technical strength for the EUR on the short-term chart. EUR gains through 1.0840/45 yesterday suggest a short-term low is in while gains through 1.0875 should allow for the EUR rebound to develop a little more momentum to test the low/mid 1.09s.”
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