Gate.io: Eurozone inflation data for July may support the euro

On July 31, Jinshi Data reported that Rabobank stated that if the eurozone’s July inflation data, which will be released today, exceeds expectations, the euro will receive moderate support. Francesco Pesole, an analyst at Rabobank, stated in a report that the core inflation rate in the eurozone, excluding food, energy, and tobacco, has exceeded expectations in five out of the seven data points released this year. The market expectation for July’s year-on-year growth rate is 2.8%, lower than the 2.9% last month, which may be too low. In order to make the market expect the European Central Bank to cut interest rates less than twice before the end of the year, it will require more than just a small inflation surprise, but these data may consolidate the support level of 1.08 for the EUR/USD before the Federal Reserve interest rate decision.