Euro attempted a rebound beyond the 1.1740 region following today’s releases in the US docket, although the up move appears to have run out of steam soon afterwards. Spot stays in the negative territory on Thursday albeit trying to pare further losses after US producer prices missed expectations in July, contracting at a monthly 0.1% and advancing 1.9% over the last twelve months. Further data saw initial claims rising 244K WoW and taking the 4-week average to 241.00K from 242.00K.
Later in the session and in light of Friday’s critical US CPI figures, NY Fed W.Dudley (permanent voter, hawkish) is due to speak, keeping the buck in the centre of attention. It is worth mentioning that It is worth recalling that Dudley delivered some hawkish remarks back in June, when he noted that US inflation should pick up again on the back of higher wages amidst a robust labour market. Dudley also showed himself confident that the economic expansion has still a long way to go.