The euro inched higher against the US dollar with a price of more than 1.1800. It has been a successful journey for the EUR/USD since July 23, 2021, by consistently marking the mark of the green candle on the graph.
This present result brings the EUR/USD pair into the stream of new hope. The EUR/USD pair’s increase occurs due to the announcement of a harmonized consumer price index and unemployment rate.
Destatis calculated the index of consumer prices, the Statistical Office of the European Union, based on a statistical framework across all EU Member States.
According to the July report, HCIP registered a value of 3.1% on July 29, 2021, compared to 2.1% the month before.
HICP is a price measure the EU Governing Council for quantitatively defining and assessing price stability in the euro area as a whole.
Then, In comparison to the previous month’s figures, the unemployment rate reported by the Bundesagentur für Arbeit dropped dramatically from 5.9% to 5.7%.
The unemployment rate is the absolute change in the number of unemployed people in Germany. A rise in this measure has negative implications for consumer spending, as there are fewer people at work, and, thus, the country’s economic growth is declining.
The euro market is currently in a positive trend and openly invites financial experts to help in their business objectives. There are multiple support levels at the backend of the EUR/USD pair that played a role in raising funds.