EURUSD Supported Above $1.07 Mark As Eurozone Inflation Steadies

Published on Apr 30, 2024 15:31

Euro is seen supported above $1.07 mark after data showed Eurozone inflation steadied in April, increasing case for the European Central Bank to cut interest rates. Eurozone Harmonized Index of Consumer Prices (HICP) rose at an annual pace of 2.4% in April, the same as that seen in March. Core HICP inflation fell to 2.7% annually in April, as against March�s 2.9% rise while outpacing the anticipated 2.6% figure. Meanwhile, Eurozone economy expanded in the three months to March of 2024, rebounding 0.3% from no growth reported in the final quarter of 2023, the preliminary estimate released by Eurostat showed Tuesday. Germany`s Retail Sales also jumped by 1.8% on a monthly basis in March, rebounding from a 1.9% drop in February, the official data released by Destatis showed on Tuesday. Currently, EURUSD is quoting at $1.0752, up 0.08% on the day and adding slight pressure on dollar index that came off intraday highs.