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U.S. Dollar Retreats As Inflation Rate Misses Estimates: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

From fxempire.com

U.S. Dollar Is Under Pressure: chart U.S. Dollar Index is losing ground as traders focus on inflation reports. Inflation Rate increased from 2.3% in April to 2.4% in May, compared to analyst forecast of 2.5%. Core Inflation Rate remained unchanged at 2.8%, while analysts expected that it would grow to 2.9%. If U.S. Dollar Index settles below the 98.50 level, it will head towards the support level, which is located in the 98.00 – 98.20 range. EUR/USD Tests New Highs: chart EUR/USD is moving higher as traders react to U.S. inflation data. Currently, EUR/USD is trying to settle above the 1.1500 level.