US Producer Price Index

EUR/USD traded near 1.1630 as markets looked ahead to the European Central Bank’s rate decision and key US inflation releases. Technical traders continue to watch 1.1715 on the upside and 1.1550 as a key downside level over the next 1-2 days.

AUD/USD is wavering near 0.7062 after the Reserve Bank of Australia held rates at 4.35% and US inflation figures matched expectations. Technical traders are watching a doji candle, head-and-shoulders structure and rising wedge for signs of a possible move toward 0.7000 and 0.6950.

EUR/USD has eased from its monthly high as traders digest softer US consumer inflation and wait for the next producer price inflation update. Technical traders remain focused on a bullish flag structure, the 50-day EMA and the 1.1578 resistance level as potential triggers for renewed upside.