#EURUSD @ 1.06289 could reach 1.07 if EU inflation data surprise significantly to the upside – Commerzbank
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The Euro might finally steal the Follar’s thunder today, as the inflation rate for February will be published. The shared currency might receive considerable support, depending on how high the February rate will be in the end, economists at Commerzbank report.
“Market expects a slight decrease to 8,3% for the headline inflation and stable core inflation at 5.3%. If the numbers surprise significantly to the upside, the market might expect the ECB to go even higher, or at least stay higher for longer, which could lift the Euro above the 1.07 mark.”
“We urge caution though: the market always looks ahead and, as a result, focus will soon be back on the US labour market report next week. So despite the fact that today is likely to be the hour of the euro, focus might soon be back on USD.”
See – Eurozone HICP Preview: Forecasts from six major banks, core inflation to reach new record high
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