EUR/USD extends its losses for the fourth successive day, trading around 1.1050 during Asian hours on Friday. The pair depreciates as the US Dollar (USD) gains ground amid persistent US inflation cdoncerns and expectations of higher interest rates. Traders will take more cues from the US October Producer Price Index (PPI) report later on Friday. Stronger-than-expected US Consumer Price Index (CPI) inflation data released earlier this week has reinforced expectations of a Fed rate hike in December. Fed Governor Christopher Waller said that a 50-basis-point rate hike should be considered if core inflation remains elevated. Markets now see a 14.5% chance of a 50-basis-point hike, up from zero before Tuesday’s inflation report.
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