EUR and USD Updates

The EU’s shared currency was lower versus the US dollar because of gloomy inflation data in Europe while the greenback was stronger due to the congressional testimony of Fed Chairperson Janet Yellen.

The pair of EUR and USD touched 1.1297 in euro trading and consequently consolidated at 1.1324 scaling down 0.09 percent. It will possibly get support at 1.1223 (low of January 27) with resistance at 1.1449 which was the high last February 19.

According to the official report, Europe’s consumer price inflation dropped 0.6 percent last month according to expectations and remained unchanged from the initial projection.

Said rate is way below the European Central Bank's goal of below two percent. Monthly consumer prices went down 1.6 percent last month in step with estimates and after the 0.1 percent decline last December (2014). Core index for CPI increased 0.6 percent last month and met forecasts. Energy, alcohol, food, and tobacco are not included in this list. The euro was higher against the UK pound sterling with the EUR/GBP pair up 0.08 percent to 0.7337.

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