Although the euro demonstrated some upward movement, it was purely symbolic. This is even though the dollar is already significantly overbought. Yesterday's trading dynamics essentially confirmed that the market retains a bias toward further strengthening of the US dollar. It seems that even today's data on eurozone inflation will have little impact on this trend.
Even with expectations that consumer price growth will accelerate from 1.7% to 2.0%, the fact remains that these are final figures. Their purpose is merely to confirm the preliminary estimates that the market priced in two weeks ago. Therefore, even if the euro does manage to post gains, any growth will likely remain modest.
