IC外汇平台：美通胀数据支撑美元，欧元兑美元承压整理

Core Viewpoint - The Euro/USD exchange rate is experiencing short-term fluctuations, with the dollar showing strength due to multiple favorable factors, leading to ongoing downward pressure on the currency pair [1][3]. Group 1: Dollar Strength - The recent strengthening of the dollar is primarily suppressing the Euro/USD exchange rate [3]. - The latest Producer Price Index (PPI) data from the U.S. indicates persistent inflationary pressures, with December PPI rising 3.0% year-on-year, matching November's growth and significantly exceeding the market expectation of 2.7% [3]. - Core PPI, excluding food and energy, increased to 3.3% year-on-year, surpassing the expected 2.9%, confirming ongoing upstream price pressures [3]. - Strong inflation data reinforces the Federal Reserve's current policy stance, leading to a reduced expectation of interest rate cuts, thereby enhancing the attractiveness of dollar assets [3]. - Statements from Federal Reserve officials further solidify market expectations regarding policy, with the St. Louis Fed President indicating that the current policy rate range of 3.50%-3.75% is generally neutral and does not require further cuts [3]. Group 2: Euro Support Factors - The economic resilience in the Eurozone and Germany provides temporary support for the Euro, mitigating the downward pressure on the Euro/USD exchange rate [3][4]. - Preliminary data from the European Statistical Office shows that the Eurozone economy grew by 0.3% quarter-on-quarter in Q4 2025, matching the growth rate of Q3 and exceeding the market expectation of a 1.2% year-on-year increase [3]. - The Eurozone unemployment rate slightly decreased from 6.3% to 6.2% in December, indicating an improving labor market that supports consumption recovery and economic growth [4]. - Germany's economy, as a key pillar of the Eurozone, also grew by 0.3% quarter-on-quarter in Q4, moving away from zero growth in Q3, with year-on-year growth exceeding expectations and previous values [4].