EUR/USD Range-Bound as Markets Price In Near-Full ECB Hike

The EUR/USD pair has been trading within a tight range of 1.1500 to 1.1550 for several sessions, following the release of the July US Producer Price Index (PPI) which came in flat at 0.0%.

This mixed print had both bullish and bearish implications for the dollar, but ultimately failed to break through the resistance level of 1.1550.

The eurozone's HICP rose to 2.9%, with energy prices increasing by 10.0%, while markets are pricing in a near-full European Central Bank (ECB) hike in September.

The dollar index has been trading within the range of 99.50 to 100.00 for nine consecutive sessions, with the euro comprising 57.6% of the basket.