Ahead of the 10:00 GMT Euro Zone HICP data, EUR/USD has printed 1.3100. Spot remained offered in the wake of the EZ PMI, despite some initial post-data profit-taking. FX players remain cautiously bullish towards the Dollar as the lack of cut potential from the Fed offers the unit time to recover.
The Euro is expected to draw some support from the numbers if annualized inflation is seen steady at 1.9%, however, given the near cent drop in EUR/USD already this will like closing the stable door after the horse has bolted. On the downside, dealers see 1.3085/90 as a more key level than a break of the 1.31 level.
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