π EUR/USD hits monthly high amid CPI focus
The EUR/USD pair rallied to a monthly high as market focus shifts to upcoming US CPI data. Sentiment and positioning are driving the movement, despite the Euro's large component in the DXY. The US Dollar to Yen exchange rate recently dipped after coordinated intervention forced a re-evaluation of the one-way Yen trade. Wednesday's US CPI report is crucial this week for shaping expectations around the USD/JPY pair. This data, along with PPI, will influence forecasts for core PCE later this month. π