EURUSD Exchange Rate

The U.S. dollar moved up against its major counterparts in the New York session on Friday, as the Federal Reserve's preferred measure of inflation, the personal consumption expenditures price index, exceeded expectations on an annual basis in March.

Revised data released by the University of Michigan on Friday showed consumer sentiment in the U.S. deteriorated by more than previously estimated in the month of April. The University of Michigan said its consumer sentiment index for April was downwardly revised to 77.2 from a preliminary reading of 77.9.

Closely watched readings on inflation released by the Commerce Department on Friday showed consumer prices in the U.S. increased in line with economist estimates in the month of March. The Commerce Department said its consumer price index rose by 0.3 percent in March, matching the increase seen in February as well as economist estimates.

Closely watched readings on inflation released by the Commerce Department on Friday showed consumer prices in the U.S. increased in line with economist estimates in the month of March.

The U.S. PCE index, scheduled for release later today, may exceed expectations, dampening prospects for Fed interest rate cuts.

he U.S. equity markets saw a halt in their two-day rally, primarily pulled down by disappointing earnings from Meta Platforms. As a result, both the Nasdaq and S&P 500 were left nearly unchanged, while the Dow Jones Industrial Average closed lower.

The EUR/USD pair rose to 1.0707 on Wednesday, driven by increased local risk appetite and the belief that the currency was significantly oversold against the US dollar. This resurgence indicates a temporary rebalancing in the currency market.

U.S. markets experienced significant gains, with both the Nasdaq and S&P 500 closing up over 1% on impending earnings reports from tech giants.