EUR\/USD<\/strong><\/a> and GBP\/USD pair are holding near key points of resistance with inflation data set to be released from each economy tomorrow morning.<\/p>\nWhile European inflation has fallen as the ECB has lifted rates with tomorrow expected to show at 6.9% for headline CPI, UK CPI remains stubbornly elevated after last month\u2019s 10.4% print, leading to an expectation for a 9.8% read in tomorrow\u2019s release.<\/p>\n
Both the Euro and British Pound remain very near recent highs ahead of tomorrow\u2019s CPI data. Going first is the UK with data to be released at 2:00 AM ET. The expectation is for core inflation to come in at 6.0% and headline inflation to print at a whopping 9.8%. This would still be lower than last month\u2019s 10.4% print but, well beyond where the Bank of England would like it.<\/p>\n
In Europe, there\u2019s a bit of hope for even more softening after the preliminary print earlier in the month came in at 6.9% which sets the expectation for the same at tomorrow\u2019s release, scheduled for 5:00 AM ET.<\/p>\n
Last month\u2019s CPI release out of the Eurozone printed at 8.5%, which marked the fourth consecutive decline in that data point. As the European Central Bank became more hawkish in the second half of last year, the single currency has continued to stage a comeback, which I\u2019ll look at in the next chart.<\/p>\n
While four months of lower inflation is an encouraging factor, it\u2019s also less than what\u2019s shown in the US after last month marked the ninth consecutive month of lower headline CPI in the United States. This has allowed for the ECB to remain on the hawkish side of the picture with continued focus on rate hikes to further tamp down inflation. Accordingly, this has kept the single currency bid against the US Dollar, with a large zone of resistance remaining in-play from the 1.0943-1.1033 area on the chart.<\/p>\n
EUR\/USD set a new fresh yearly high on Friday, with a pullback running through the weekly open. That high came in at the 78.6% retracement of the major move that spanned from February to September of last year, and the 76.4% retracement from that same study is what helped to catch the high back in February, just before a 500+ pip sell-off.<\/p>\n
With the more recent resistance test, we haven\u2019t yet seen bulls relent as the series of higher-highs and higher-lows has remained in-play. A breach of last week\u2019s swing low at 1.0831 could begin to change that, however, if we see such a reaction around tomorrow\u2019s CPI data out of Europe.<\/p>\n
The inflation picture in the U.K. remains more concerning after last month\u2019s 10.4% print for headline CPI. Tomorrow is expected to come in at 9.8% which would be a bit of relief after UK CPI printed above 10% for six consecutive months, with the last read below that level a 9.9% print that was released in September (for August data).<\/p>\n","protected":false},"excerpt":{"rendered":"
EUR\/USD, GBP\/USD Hold Near Resistance Ahead of Euro Both the EUR\/USD and GBP\/USD pair are holding near key points of resistance with inflation data set to be released from each economy tomorrow morning. While European inflation has fallen as the ECB has lifted rates with tomorrow expected to show at 6.9% for headline CPI, UK<\/p>\n... continue reading<\/a>.","protected":false},"author":3,"featured_media":18308,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[198],"tags":[94,296,19,237,320,22,355,201],"yoast_head":"\r\nEUR\/USD, GBP\/USD Hold Near Resistance Ahead of Euro<\/title>\r\n<meta name=\"description\" content=\"Both the EUR\/USD and GBP\/USD pair are holding near key points of resistance with inflation data set to be released from each economy tomorrow morning.\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.xtrememarkets.com\/MU\/eur-usd-gbp-usd-hold-near-resistance-ahead-of-euro\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"EUR\/USD, GBP\/USD Hold Near Resistance Ahead of Euro\" 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