Euro Surges Past $1.15 as Inflation Data Supports Rate Cuts

The euro briefly touched $1.1561 against the dollar in foreign exchange trading on July 12, hitting a fresh high for the day.

This surge came after the U.S. Labor Department's release of the July Consumer Price Index (CPI), which confirmed a deceleration in inflation at 3.4% year-over-year, matching market expectations.

The core CPI, excluding volatile food and energy prices, rose just 2.5% year-over-year, also in line with consensus forecasts, indicating that underlying price pressures are easing.