EUR/USD Reverses Gains Amid US Inflation Data

The EUR/USD pair has reversed its gains and is now trading lower after the US Consumer Price Index (CPI) data came in line with expectations. The pair touched an intraday high of 1.1563 but has since retreated to around 1.1521.

Although the inflation report showed headline and core CPI easing to 3.4% and 2.5%, respectively, the US Dollar (USD) later pared its losses as elevated energy prices continue to keep inflation risks tilted to the upside.

The USD Index (DXY), which tracks the Greenback against a basket of six major currencies, is trading close to the 100 psychological mark after rebounding from an intraday low of 99.61.