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The dollar tumbled against the majors today as slower than expected inflation bolstered speculation that the Federal Reserve will soon put an end to rate hikes. Consumer prices rose 0.1 percent in February, slower than the 0.7 percent increase in the previous month, according to the U.S. Labor Department. Excluding food and energy, core prices were up 0.1 percent after a 0.2 percent gain in January.
The euro recouped losses against the greenback this morning as consumer prices remained above the European Central Bank’s 2% upper limit. Prices rose 0.3% from January’s drop of -0.4%, while annualized numbers were inline with expectations at 2.3%. February’s consumer price index, which is typically driven by energy prices, grew primarily from seasonal factors. Inflation holding above the ECB’s target provides further support for additional tightening as the year progresses. EZ new car registrations were up 2.7% year over year, continuing to show an improvement in consumption, but growth was slower than the previous 6.1%. French non-farm payrolls remained consistent with the previous quarter at 0.1%. The EUR/USD traded at 1.2070 at 11:27 GMT, slightly higher than the New York close of 1.2068.
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