EUR Surges to Annual High – Overview for July 13, 2023
<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/EURUSD_18-360×360.jpg" class="attachment-thumbnail size-thumbnail wp-post-image" alt="EUR/USD analysis today" decoding="async" loading="lazy" style="margin-bottom: 15px;" /></div><p>Continuing its upward trajectory, the most traded <a href="https://blog.roboforex.com/blog/2020/06/19/how-to-choose-a-currency-pair-for-trading-in-forex/" data-internallinksmanager029f6b8e52c="142" title="Currency Pair">currency pair</a> in the market maintains its positive <a title="<div class="wpg-tooltip-content"><p>Momentum is an indicator of the speed and direction of price change over a specific time frame.</p></div>" href="https://blog.roboforex.com/glossary-terms/momentum/">momentum</a> on Thursday, with the current <a href="https://roboforex.com/beginners/info/charts/forex/eurusd/" data-internallinksmanager029f6b8e52c="35" title="EUR/USD">EUR/USD</a> quote at 1.1140.</p>
<p>The US dollar witnessed a decline to its annual low against the Euro after the release of statistical data on the Consumer Price Index for June. The index showed a month-on-month increase of 0.2%, falling short of the expected rise of 0.3%. This monthly increase was the smallest since August 2021. Year-on-year, <a href="https://blog.roboforex.com/blog/2022/06/30/what-is-inflation-reasons-and-consequences/" data-internallinksmanager029f6b8e52c="220" title="Inflation">inflation</a> stood at 3.0%, slightly lower than the forecasted 3.1%. The previous month, it had reached 4.0% on a yearly basis.</p>
<p>Furthermore, core prices demonstrated a year-on-year increase of 4.8%, below the projected 5.0%. This marks the smallest rise in more than two years.</p>
<p>The soft inflation report reinforces the market's belief that the Federal Reserve may opt for a single <a href="https://blog.roboforex.com/blog/2019/10/22/trading-news-how-to-earn-on-interest-rates/" data-internallinksmanager029f6b8e52c="90" title="Interest rate">interest rate</a> hike during this cycle of tightening monetary policy.</p>
<p>Given these factors, the position of the US dollar has noticeably weakened.</p>
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