The euro moved sharply higher on Monday after the ECB president’s encouraging words on inflation.
The EUR/USD rose to near 1.2310 after the ECB President said he was confident that the inflation would rise to the target level.
Last Friday, the U.S. Nonfarm Payrolls numbers were mixed. The actual Nonfarm Payrolls increased fewer than expected, but the Average Hourly Earnings (MoM) increased 0.1% more than the market’s expectation. The average hourly earnings are seen related to inflation. We shall wait and see how the Fed interpret these numbers in their next meeting.
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