EURUSD – Up
EURUSD trading plan:
German producer prices posted their first monthly fall in two and a half years in October, according to data released, raising hopes that double-digit inflation in Europe’s largest economy could be nearing its peak. Producer prices of industrial products fell 4.2% on the month, due primarily to dips in prices for electricity and distributed natural gas, the Federal Statistical Office reported. Analysts polled by Reuters had forecast a rise of 0.9%. Producer price growth has fed into overall inflation at a faster pace in the past year than normal, so any broader reversal in pipeline pressures could reinforce expectations for consumer price growth to peak in the fourth quarter. Compared with October 2021, producer prices of industrial products rose 34.5% last month, signaling some relief after maintaining a record pace in August and September of 45.8%.
Investment idea: buy 1.0210 and take profit 1.0270.
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