Today, the focus is on February Core Eurozone CPI. EUR/USD climbed to a fresh weekly high near 1.0700 on Wednesday. On Thursday, the pair is set to remain confined in a 1.0600-1.0700 range, economists at ING report. 

Look for a new cycle high in Core Eurozone CPI

“The release of February's Core Eurozone CPI looks likely to exceed the 5.3% year-on-year consensus. We have had little push-back from the European Central Bank against the repricing of the cycle, which now seems to price the deposit rate above 4.00% early next year. That seems excessive, but let's see what today's release of the ECB minutes has to say.”

“Also important today will be comments from consistent hawk, Isabel Schnabel, speaking at the Money Market Contact Group in Frankfurt. Will she push back against this aggressive pricing of the ECB cycle?”  

“EUR/USD may well be trapped in a 1.0600-1.0700 range today.”

See – Eurozone HICP Preview: Forecasts from six major banks, core inflation to reach new record high