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The EUR/USD is trading at $1.3826, up 0.12%, after the eurozone revealed inflation is now at 0.7%, up from 0.5% but below the 0.8% estimate. Traders bought the euro, despite it missing expectations, because the cost of living still rose. This vindicates Mario Draghi who has maintained that he does not see any proof of deflation in the region.
As tension appears to be easing in Ukraine the euro has gained momentum against the US dollar. Moscow has stated the unrest in eastern Ukraine will not end the same way as it did in Crimea.
At 1.30pm (London time), the US will announce the first-quarter gross domestic product figures, with a consensus of 1.2%. If it is below the estimate, we could see the euro head to towards the $1.39 level which Chris Beauchamp outlined could be hit in the short term.