The EUR/USD pair lost ground early in the European session and retreated to levels near 1.1700, amid volatile and volatile trading on Friday. Comments from ECB official Olly Rehn, who warned of downside risks to inflation, failed to support the euro (EUR), which remained weighed down by a stronger US dollar.
On Thursday, the ECB maintained its Deposit Facility rate at 2%, and President Christine Lagarde said that "risks to economic growth have become more balanced." These comments dampened market expectations of further rate cuts in the near future and provided a significant boost to the euro.
In the US, data from the US Department of Labor revealed that Initial Jobless Claims rose at their fastest pace in four years last week, while the August Consumer Price Index (CPI) rose broadly in line with market expectations, paving the way for a quarter-point Fed rate cut next week and at least one more before the end of the year.
On Friday's economic calendar, the focus is on the University of Michigan's US Consumer Sentiment Survey, which is expected to show a further decline, increasing pressure on the US central bank to ease monetary policy. Risks to the US dollar are tilted to weakness. (alg)
Source: FXstreet
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