EURUSD – Up
EURUSD:
Final German inflation data was released in line with expectations, while mixed US Consumer Price Index (CPI) data caused investors to dismiss inflation concerns and remain focused on rate cuts by the Federal Reserve.
The U.S. Consumer Price Index for February rose to 0.4% from the previous reading of 0.3%, while annual inflation rose to 3.2% from a forecast of 3.1%. The core CPI reading declined, but not as much as expected. The core CPI index was 0.4% for the month, rather than falling to the forecast of 0.3%. On a year-over-year basis, core CPI fell to 3.8% from a previous reading of 3.9%, but fell short of the 3.7% forecast.
On Wednesday, EU industrial production is forecast to come in at -1.5% m/m in January, down from the previous reading of 2.6%. The US is set for a respite mid-week with the release of the Producer Price Index (PPI) on Thursday. The core US PPI is forecast to fall slightly to 1.9% y/y from the previous reading of 2.0%.
US Retail Sales for February will also be released on Thursday, and are expected to rebound to 0.8% after a previous decline of -0.8%. US Initial Jobless Claims for last week ending March 8 are also expected to rise slightly to 218K from 217K.
Trading recommendation: Buy when the price consolidates above the level of 1.0960
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