The US Dollar strengthened amid the publication of favorable Consumer Price Index data for November in the US.
A series of important releases are due today in the eurozone among which Markit Manufacturing PMI, Markit Services PMI for December and Consumer Price Index for November are worth noting. According to the forecasts, the EU economic growth rate remained unchanged in November. Nevertheless, these data might have no effect on the market as traders are waiting for the publication of the Fed’s interest rate decision.
More than 80% of market participants expect a hike in US interest rates; however, these are the Fed’s Monetary Policy Statement and press conference which will determine further dynamics in the EUR/USD pair.