EURUSD Short Ahead of U.S. CPI
Euro was boosted by a hawkish shift in the ECB's tone, which I believe is very premature since Euro Area core inflation sits around 2.3% contracting, along with headline inflation being less than the U.S. and mostly due to energy costs/supply chain issues which are transitory. Couple that with the Fed not raising rates in the last meeting, we couldn't push through the 1.12000 support. I believe has the month goes on, U.S. core inflation numbers will either hit estimates or overshoot which will bring us lower ahead of a strong hike next meeting.
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