The euro slipped lower against the majors this week and the CPI remained the same at 1.3%. The Canadian Consumer price index is the main focus today, while the USD/CAD pair is posting a neutral month. Sterling is trading in a weaker mode and is failing to surprice the market.
Euro Slumped Vs G10 This Week
The euro weakened against almost all its main rivals this week, while it also dropped versus the majors except versus the GBP, NZD and NOK since Thursday. The common currency pair had an interesting day as it posted a bearish session and slipped beneath the 1.1700 psychological level. After an 11% bullish run in EUR/USD pair since January, the European central bank expressed concerns for the currency’s gains. In the policy meeting, they worried about the euro rally and the impact that it would have on inflation.
Moreover, the consumer price index released yesterday and dropped 0.5% mom in July versus 0.0% mom before. On a year-over-year basis, the CPI remained unchanged at 1.3% for July. Today, the German producer price index for July will be released, and then the Eurozone’s current account and construction output for June. These indicators should not have a significant impact on the currency.
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