The EUR/USD pair has reached a new high for the year 2024, surpassing the 1.1000 mark. This surge comes after the release of in-line US Consumer Price Index (CPI) data. The CPI data met expectations, which helped bolster the euro against the US dollar.
Investors are closely monitoring economic data releases for any signs of inflation, which could impact central bank decisions on interest rates. The EUR/USD pair has been influenced by these factors, with the euro gaining strength following the CPI data release.
The 1.1000 level is seen as a key resistance level for the pair, and breaking above it signals a bullish sentiment for the euro. Traders will continue to watch for any further developments in US economic data and central bank policies that could impact the EUR/USD exchange rate.