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EU inflation surged past the ECB target

EU inflation surged past the ECB target | 02 June 2021

02 June 2021, EUR/USD

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Euro zone inflation surged past the European Central Bank's elusive target in May. Inflation in the 19 countries sharing the euro accelerated to 2% in May from 1.6% in April, driven by higher energy costs to its fastest rate since late 2018 and above the ECB's aim of "below but close to 2%", data from Eurostat showed. May is unlikely to be the peak, however. Inflation could be closer to 2.5% late in the year as the recovery from a pandemic-induced double-dip recession and recent commodity price increases add to price pressures. This is a positive signal for the European currency.

Investment idea: buy 1.2199 and take profit 1.2254.

David Johnson
Analyst of «FreshForex» company
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