EURUSD – Up
EURUSD trading plan:
U.S. producer prices increased more than expected in September, but underlying goods prices posted their weakest reading in nearly 2-1/2 years as supply chains improved further, offering some hope in the battle against inflation. The producer price index for final demand rebounded 0.4% last month. Data for August was revised lower to show the PPI falling 0.2% instead of dipping 0.1% as previously reported. Energy prices rose 0.7%, driven by diesel fuel, residential natural gas and home heating oil. But wholesale gasoline prices fell 2.0%. Excluding food and energy, goods prices were unchanged. This was the weakest reading for the so-called core goods since May 2020, and followed a 0.2% gain in August. Core goods rose 7.5% in the 12 months through September, slowing from an 8.1% increase in August.
Investment idea: buy 0.9685 and take profit 0.9769.
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