EUR/USD advances for the second consecutive day, posting gains of over 0.70% and trades below the three-year high of 1.1631 hit earlier, as traders digest the latest Producer Price Index (PPI) report in the United States (US), alongside jobs data.
At the time of writing, the pair trades at 1.1575 after the US Bureau of Labor Statistics (BLS) reported that the Producer Price Index (PPI) in May indicated continued disinflation, aligning with the Consumer Price Index (CPI) report released on Wednesday. Jobs data revealed that more people are applying for unemployment benefits in the US.
The US Dollar extended its losses on the data, with the EUR/USD climbing past 1.1600. Furthermore, US President Donald Trump rattled the financial markets as he said he would send letters to countries, setting unilateral tariff rates ahead of a July 9 deadline set on Liberation Day.
Across the pond, several European Central Bank (ECB) speakers were hawkish, led by Isabel Schnabel, who said the monetary policy [easing] cycle is coming to an end, adding that financial conditions are no longer restrictive.
On Friday, the Eurozone (EU) economic docket will feature the inflation reports for Germany and France for May. At the same time, EU Industrial Production is expected to continue slowing down in both yearly and monthly figures.
In the US, the schedule will feature the University of Michigan (UoM) Consumer Sentiment for June, alongside household inflation expectations.
Source: Fxstreet
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