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Forex: EUR/USD steady after weaker EMU Core CPI

The EUR/USD is feeling less pressured at the moment, after tumbling to as low as 1.3107 after German unemployment data, and is trying to bounce as the market digests the recently released EMU CPI figures.

EMU Core CPI dropped from 1.5% to 1.3% in January (YoY), instead of staying unchanged as expected. The headline figure fell -1.0% (MoM) and eased from 2.2% to 2.0% (YoY), as expected.

In Greece, PPI eased from 1.9% to 0.0% in January (YoY) and retail sales improved from -16.7% to -8.5% in December. German CPI data is due at 13:00 GMT.

“Yesterday's rise performed a precise test of 1.3160 resistance area and current outlook is negative, for a slide towards 1.3000 zone”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing to initial resistance at 1.3160, followed by key at 1.3320.

Greece Retail Sales (YoY) up to -8.5% in Dec from -16.7% in Nov

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