- The EUR / USD pair lost its traction early in the US session.
- The annual CPI in the US rose to 5.4% in September.
- The US dollar index is experiencing a modest rebound after the inflation report.
After rising to a new daily high of 1.1567 during European business hours, the EUR/USD it was under renewed downward pressure and after inflation data fell back to 1.1536, not far from the daily low 1.1530. At time of writing, the pair is trading above 1.1541, gaining 0.09% on the day.
US price pressures remain intact
The positive impact of the September US inflation report on the dollar appears to be weighing on the EUR / USD at the beginning of the US session.
The US Bureau of Labor Statistics announced Wednesday that the Consumer Price Index (CPI) rose to 5.4% annually from 5.3% in August. This reading was modestly above the market consensus of 5.3%. Furthermore, the annual core CPI was unchanged at 4% as expected.
At the moment, the US Dollar Index, which hit a session low of 94.24, is down just 0.1% on the day at 94.42. Later in the session, the Minutes from the September FOMC meeting will be reviewed for fresh momentum.
Meanwhile, US stock index futures remain in positive territory, suggesting that the IPC is having little effect on risk sentiment.