The flash inflation estimates from the eurozone for the month of April beat estimates. Data from Eurostat showed that headline inflation rose 1.7% on the year in April. This beat estimates of a 1.6% increase. April’s inflation also came out stronger than 1.4% print from March. Core inflation rose 1.2%, beating estimates and advancing from 0.8% from the month before.
EURUSD Could Continue Trading Flat
The common currency caught a bid as price initially slipped lower to test the support level at 1.1140. Price was quickly rejected at this level as it led to a strong rebound. The euro gained over 0.19% on the day on Friday. However, the sideways range could continue. The resistance at 1.1226 could still keep a lid on the gains. Unless the common currency breaks out from this range, we expect to see the price action in euro staying muted.
