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The Euro skyrocketed to its 8-week highs


14 January 2022 Written by Dmitriy Gurkovskiy  Senior analyst at RoboForex Dmitriy Gurkovskiy

EURUSD continued rising after the US reported on inflation. The major currency pair continues growing on Thursday. The current quote for the instrument is 1.1468. The CPI in the US showed 7.0% y/y, the same as expected. The “greenback” plummeted in response to this report: investors started to reduce their long positions because the data matched the forecasted reading, meaning that there was no inflation explosion last month. 

However, it should be noted that in December the American CPI showed the highest reading in almost 40 years. On MoM, the indicator added 0.5%. 

Another thing that is against the USD right now is the global improvement of market sentiment. Earlier, US Fed Chairman Jerome Powell said that the Omikron strain of the COVID-19 would have a slight impact on the country’s economy and financial system. Since coronavirus-related worries are subsiding, the demand for the USD as a “safe haven” asset is getting rather low. Now the focus of investors’ attention is switching to the weekly Unemployment Claims and Retail Sales reports from the US, which are scheduled for release today and tomorrow.

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