EUR/USD moved lower near 1.0550 during the Asian trading hours on Thursday. The pair's decline could be attributed to the US Dollar (USD) improvement amid cautious sentiment surrounding the Federal Reserve's (Fed) December interest rate decision, following Wednesday's solid inflation data. Markets may witness thin trading due to the US Thanksgiving holiday.
The latest US inflation report indicated solid growth in consumer spending in October, but also highlighted stagnation in the progress towards lowering inflation, keeping the Fed on guard.
The US Personal Consumption Expenditures (PCE) Price Index increased by 2.3% year-on-year in October, up from 2.1% in September. Meanwhile, the core PCE Price Index, which excludes volatile food and energy prices, rose by 2.8%, slightly higher than the 2.7% recorded in the previous month.
Source: FXStreet
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