A stubbornly range-bound EUR/USD which has shown unresponsiveness to European Central Bank (ECB) speakers may break below 1.1400 today as another acceleration in US core inflation could lift the dollar, economists at ING report.

More ECB speakers today

“We have a plethora of other ECB speakers today to keep an eye on – Guindos, Villeroy and Lane – who are normally more dovish voices in the policy discussion. Any hawkish comments from them should therefore make for a bigger surprise.”

“EUR/USD has been notably unreactive to ECB speakers after last week’s policy meeting. After all, President Lagarde’s message was clear: the March inflation projections hold the keys to the monetary policy outlook, and markets seem to be willing to patiently sit on post-ECB levels into the Match meeting, Still, the US CPI report can trigger a break below 1.1400 in EUR/USD today.”

See – US CPI Preview: Forecasts from 10 major banks, higher but showing moderation