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The EUR/USD completely retraced the European rally on ECB's Nowotny and Praet words, not that concerned about the strengthening euro, shrugging off yesterday's remarks from Juncker. Having quickly rallied to 1.3325 high, the market plunged to 1.3257 low ahead of the US CPI inflation report release.
The annualized headline CPI eased from 1.8% to 1.7%, taking analysts by surprise as they expected an unchanged figure. Excluding food and energy, data rose 0.1% on the month, lower than the 0.2% consensus.
Industrial Production rose 0.3% in December, in line with expectations, capacity utilization was published as the upside surprise. Capacity utilization was expected to move a little higher, from 78.4% to 78.5% in December, but actual data has beaten market consensus by rising to 78.8%.While total net TIC flows rose from $-56.7B (revised from $-58.9B) to $27.8B in November, net long-term TIC flows jumped from $1.3B (revised from $-1.0B) to $52.3B, beating market consensus of $14.8B.
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