As for the US Dollar, its movement has also been muted this week so far as investors anticipate Wednesday evening's Federal Reserve policy decision.
Investors reduced dollar shorts across the board as they looked to come to terms with a misalignment between market expectations and optimism by the Federal Reserve, according to traders in Europe.
Ahead of the announcement, market participants had been of the view that there would be no further rate increases this year following the tame inflation reports. Since Wednesday the pair has tumbled and during Thursday's European session the pair hit a low of 1.4698. Global currency volatility approaches the record lows seen during the summer of 2014 and with major central banks on hold, it may take a black swan event to unfold for it to rebound convincingly.
Secret Service says it doesn't have any Trump tapes
White House press secretary Sean Spicer arrives for the daily briefing at the White House in Washington , Monday, June 12, 2017. If he did make the tapes and hands them over, he better hope they prove his version of the facts, and not Comey's.
"The latest inflation data have undoubtedly helped the case of officials arguing for waiting more than three months for the next move", said Jim O'Sullivan, chief United States economist at High Frequency Economics in Valhalla, New York.
However, if the Fed expresses uncertainty about the possibility of a third 2017 interest rate hike the US Dollar is likely to plunge and EUR/USD could head back towards its best levels.
United States consumer prices slowed further than expected in May.
The dollar was steady on Wednesday, reversing major early losses, after the Federal Reserve raised US overnight interest rates and said it was prepared to continue tightening monetary policy.
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The escape of the armed men prompted a manhunt that lasted almost three days, spanned several states and put the region on edge. This undated photo released by the Georgia Department of Corrections Tuesday, June 13, 2017, shows inmate Donnie Russell Rowe.
"Either way you slice it, the market is just not buying it and expects the economy to slow and the yield curve to flatten", she says. Following this week's unexpectedly slow U.S. inflation report the Fed also downgraded its 2017 inflation outlook. Meanwhile, the broad based NSE Nifty went up by 10.00 or 0.10% at 9,588.05 with 25 components registering rise.
Charles Melchreit of Pioneer Investments says markets may be finding it "a bit of a comforting outcome", that the Fed isn't willing to shift the rate hike path it has set out that quickly, even if current inflation numbers aren't backing it up.
The U.S. central bank lifted the benchmark lending rate by a quarter percentage point, its second quarter-point hike this year, and said it would begin cutting its huge holdings of bonds and securities this year. Thomson Reuters CRB index tumbled to 14-month lows, having fallen nearly 12 per cent from this year's high hit in January. Spot gold fell 0.2 per cent at US$1,263.03 an ounce.
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USD/JPY rallied 0.99% to 110.68, while USD/CHF gained 0.47% to 0.9756. These so-called core retail sales correspond most closely with the consumer spending component of gross domestic product and were previously reported to have increased 0.2 percent in April.