24 February 2023, EUR/USD
EURUSD trading plan:
Consumer price inflation in the 20 nations sharing the euro eased to 8.6% in January from 9.2% a month earlier, coming in just above the 8.5% estimated earlier this month, when figures from Germany, the bloc's biggest economy, were not yet included. The data are still likely to make for grim reading at the European Central Bank as revisions show core inflation, or price growth excluding volatile food and fuel products, accelerating to 5.3% from 5.2%, confounding initial data for a steady pace. Worries about underlying inflation have dominated public commentary from policymakers in recent weeks and some have argued that rate hikes should not stop until there is a clear turnaround in core price developments.
Investment idea: buy 1.0540 and take profit 1.0640.
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