Forex: EUR/USD rises on solid Eurozone CPI and sentiment data

on Jul 16, 2013
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_iNVEZZ.com Tuesday July 16th:_ So far today in European trading the euro has firmed against the US dollar. The single currency seems to have taken support from the latest Eurozone inflation data and is currently visiting 1.3122.

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The Eurozone CPI data for June y/y came out at a rise of 1.6 percent, matching expectations and up from May’s 1.4 percent.
The month-on-month reading was 0.1 percent, again matching expectations and the same as in May.
Core-CPI, which excludes food, energy, alcohol and tobacco, costs, was steady at 1.2 percent for June y/y, also in line with forecasts.

Meanwhile the ZEW Centre for Economic Research released its latest index for German economic sentiment, showing a drop of 2.2 points to 36.3 in July from 38.5 in June, below expectations for a reading of 39.6.
ZEW President Prof. Dr. Clemens Fuest commented: “The financial market experts stick to their overall positive forecast. This illustrates their confidence in the robustness of the German economy despite the rather weak figures concerning industrial production and foreign trade released recently.”
The ZEW Eurozone index of economic sentiment improved to 32.8 in July from 30.6 in June, above expectations for a reading of 31.8.
Thus far today, the pair has gained 66 pips, to be up 0.66 percent to this point in the day.

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