The widely watched US CPI inflation for February has just been released and showed a massive acceleration in price growth in February amid surging energy prices and war in Ukraine, raising further concerns that high inflation will last longer than expected. The data came in line with expectations as the headline inflation rose to 7.9% YoY in February and compared to 7.5% in January. It is the highest level since January of 1982. The Core CPI figure came in line with the consensus estimate as well as it amounted to 6.4% YoY and compared with 6.0% YoY in December.
EURUSD is trading higherer today and today’s data provided more fuel for bulls. The main currency pair is currently approaching a short-term resistance zone in the 1.1120 area. Source: xStation5
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