Why U.S. Inflation Data Are a Bigger Driver Than the ECB For Euro

The U.S. CPI inflation report at 8:30 a.m Eastern time is more likely to trigger a reaction in the euro-dollar exchange rate than the European Central Bank's decision at 8:15 a.m. Eastern time, TD Securities strategists said in a note. The ECB looks set to keep the deposit rate unchanged at 2.0% as widely expected, they say. "U.S. CPI will be a bigger driver of foreign exchange, where we are cautious of dollar strength on a stronger report and signs of inflation passthrough," the TD strategists said.

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