The EUR/USD is trading up 0.2% at around $1.1760 against the US Dollar after the US inflation rose 2.2% over the year, not giving Fed confidence in rate hiking cycle as the it is expected to raise rates and present fresh economic projections later on Wednesday together with the US President Trump speaking about the tax reforms. The US Dollar suffered a minor pullback from highs around $1.1717 up to $1.1762 overnight after the Alabama Senate elections saw Democratic candidate Doug Jones defeats Trump backed Republican Roy Moore that will trim Republican majority in the US Senate to 51-49. The US Dollar managed to recover gains edging up to $1.1720 before the US CPI release