{"id":47623,"date":"2023-07-12T20:15:52","date_gmt":"2023-07-12T19:15:52","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=47623"},"modified":"2023-07-12T20:24:07","modified_gmt":"2023-07-12T19:24:07","slug":"market-wrap-euro-breakout","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/market-wrap-euro-breakout\/","title":{"rendered":"Market Wrap – Euro Breakout"},"content":{"rendered":"\t\t
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Euro currency surged today as the annual inflation rate in the US slowed to 3% in June of 2023, the lowest since March of 2021 and compared to 4% in May and expectations of 3.1%.<\/p>

Due to reduced rate expectations from the Fed on the soft CPI print a big sell-off in the buck took place, with the EURUSD<\/a> pair surging above 1.1100, the GBPUSD<\/a> pair tackling the big 1.3000 level and the price of gold<\/a> hitting $1,960.<\/p>

The slowdown is partly due to a high base effect from last year when a surge in energy and food prices pushed the headline inflation rate to 1981-highs of 9.1%. Energy cost slumped 16.7% (vs -11.7% in May), with prices falling 36.6% for fuel oil<\/a>, 26.5% for gasoline, and 18.6% for utility gas<\/a> service. Electricity prices increased by 5.4%.<\/p>

Also, inflation slowed for food (5.7% vs 6.7% in May) and shelter (7.8% vs 8%). Smaller price increases were also recorded for new vehicles (4.1% vs 4.7%), apparel (3.1% vs 3.5%), and transportation services (8.2% vs 10.2%). The cost of medical services was down 0.8% and prices of used cars and trucks declined 5.2%.<\/p>

The annual core consumer price inflation rate in the United States, which excludes volatile items such as food and energy, fell to 4.8% in June 2023, the lowest since October 2021, from 5.3% in the prior month and below market expectations of 5%. On a monthly basis, core consumer prices rose by 0.2% from a month earlier in June, also less than forecasts of a 0.3% increase.<\/p>

Another big mover was the USDCAD<\/a> pair as the Bank of Canada raised the target for its overnight rate by 25 basis point to 5% in July 2023, as expected by markets backing the surprise 25 basis rate hike from the previous meeting and extending its tightening cycle after the brief pause in March and April.<\/p>

The central bank\u2019s Governing Council stated that stronger-than-expected consumption and stubbornly tight labour markets drove inflationary pressures to remain persistent for services, warranting another increase in borrowing costs.<\/p>

Consequently, the bank revised its forecast to show that the slowdown in inflation will take longer than previously expected, set to hover around the 3% mark for next year before easing to the 2% target in the middle of 2025.<\/p>

The central bank will continue to assess the dynamics of core inflation and the outlook for CPI inflation and remains resolute in its commitment to restoring price stability for Canadians.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

Euro currency surged today as the annual inflation rate in the US slowed to 3% in June of 2023, the lowest since March of 2021 and compared to 4% in May and expectations of 3.1%. Due to reduced rate expectations from the Fed on the soft CPI print a big sell-off in the buck took […]<\/p>\n","protected":false},"author":4,"featured_media":18783,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[421,95,18,20,28,31],"yoast_head":"\nMarket Wrap - Euro Breakout - Youtrading UK<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/youtrading.com\/en\/market-wrap-euro-breakout\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Market Wrap - Euro Breakout\" \/>\n<meta property=\"og:description\" content=\"Euro currency surged today as the annual inflation rate in the US slowed to 3% in June of 2023, the lowest since March of 2021 and compared to 4% in May and expectations of 3.1%.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/youtrading.com\/en\/market-wrap-euro-breakout\/\" \/>\n<meta property=\"og:site_name\" content=\"Youtrading UK\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/YouTradingEnglish\/\" \/>\n<meta property=\"article:published_time\" content=\"2023-07-12T19:15:52+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-07-12T19:24:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/11\/GettyImages-155431344.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"999\" \/>\n\t<meta property=\"og:image:height\" content=\"617\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nathan Batchelor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Market Wrap - 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