Euro Holds Steady Ahead of US CPI Release Amid Crude Price Surge

The Euro (EUR) has remained relatively stable against the US Dollar (USD) on Tuesday, as market participants await the release of the US Consumer Price Index (CPI) on Wednesday. The EUR/USD pair is trading at 1.1541, below its 100-day Simple Moving Average (SMA) of 1.1567.

The focus on US inflation data has intensified ahead of the CPI release, with forecasts suggesting a slight dip in headline inflation from 3.5% to 3.4% YoY, and underlying figures projected to decelerate as well, from 2.6% to 2.5% in the twelve months to July.

Meanwhile, Middle East tensions have continued to impact crude prices, with West Texas Intermediate (WTI) rising over 1.30% to $83.40 amid fears of a prolonged conflict resolution.