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EURUSD rises ahead of the eurozone CPI report

The euro (EUR) grew by 0.41% on Friday as market participants awaited important economic data releases this week, including the eurozone inflation data on Tuesday and the U.S. nonfarm payroll (NPF) report on Friday.

Possible effects for traders

Investors now await the much-anticipated U.S. NFP data on Friday, which is expected to offer further insight into the state of the world's largest economy. This week, several Federal Reserve (Fed) officials will also give speeches, likely reiterating their previous statements that the battle against inflation isn't over. Additionally, the uncertainty surrounding the policies of the incoming Donald Trump administration has enhanced the U.S. dollar as a safe haven asset for investors. Given that the inauguration of President-elect Trump is scheduled for 20 January, markets are approaching the incoming administration with caution due to uncertainties regarding potential plans for tariffs, tax cuts, and immigration restrictions. Still, the U.S. dollar strengthened in anticipation of the new government.

Meanwhile, the outlook on the euro is weaker and may be affected by U.S. reports and news. This year, the European Central Bank (ECB) is expected to implement more rate cuts than the Federal Reserve (Fed). Traders anticipate that the ECB will reduce its base rate by 100 basis points (bps) by the end of the year, with a slight possibility of 50 bps of reductions from the Fed. Other factors influencing EURUSD currency include uncertainties such as the ongoing budget discussion in France and forthcoming elections in Germany.

EURUSD was growing during Asian and early European trading hours. Today, the German Consumer Price Index (CPI) data comes out at around 1:00 p.m. UTC. A higher-than-expected reading should be taken as bullish for the EUR, while lower data may trigger a bearish correction in the pair.

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