EURUSD is likely to fall to the bottom of the rising price chann
The euro fell 0.17% versus the dollar to $1.0973 EURUSD, pressured by inflation data from Germany showing price growth slowed to 2.3% year-on-year in November from 3% in October. Inflation in Spain also slowed sharply.
The euro zone-wide inflation figure is due out on Thursday, before the Fed's preferred measure of U.S. inflation, the personal consumption expenditures index, or PCE, is released.
The market's fixation on inflation will likely shift to labor data as the degree of the economic slowdown takes precedence over the pace of decelerating prices, Upadhyaya said.
"Now the labor market is going be the big focus because it's the statistic that could lead to a Fed pivot from a pause to a cut," he said.
The euro zone-wide inflation figure is due out on Thursday, before the Fed's preferred measure of U.S. inflation, the personal consumption expenditures index, or PCE, is released.
The market's fixation on inflation will likely shift to labor data as the degree of the economic slowdown takes precedence over the pace of decelerating prices, Upadhyaya said.
"Now the labor market is going be the big focus because it's the statistic that could lead to a Fed pivot from a pause to a cut," he said.
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