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EUR/USD above $1.3800 on CPI

EUR/USD jumped to a 2-month highs above $1.3800 after the euro zone's CPI surpassed estimates at 0.8% y/y in February vs. 0.7% expected. What's more, the January reading was revised up to 0.8%. Data also showed that the unemployment rate stayed at 12% in January. Demand for the euro is up as the likeliness of the ECB policy easing on March 6 became much lower.

Analysts at Danske Bank still see a threat for EUR's upside coming from Ukraine: "“The situation in Ukraine continues to escalate every day and the Russian rouble and the Ukrainian hryvnia continue to weaken dramatically. We see a clear risk of contagion of the financial stress to other CEE markets.”

Chart. H4 EUR/USD


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