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EURUSD: USD driven by largely upbeat sentiment

The EURUSD currency pair held in the range of 1.1790-1.1820 throughout the trading session on Friday, July 16, finishing the day with mild losses. The Eurozone June inflation reading was on par with the median consensus. The CPI rose 0.3% MoM, while the core index also increased by 0.3% MoM and by 0.9% YoY.

Notably, US retail sales unexpectedly soared in June, up 0.6% MoM, while the median consensus called for a 0.4% decline. The same indicator, excluding car sales, surged 1.3% MoM instead of 0.4% expected. However, the weak University of Michigan Consumer Confidence Index for July should be noted. It came in at 80.8, falling well short of the 86.5 median forecast. 

Nonetheless, positive sentiment in the dollar clearly outweighs the negativity at this point, as reflected by the market on Monday. EURUSD breached the 1.1771 support level, retracing to its April 5 low. If the current trend persists, the target for the pair will be 1.1704.

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