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A surprise surge in underlying EU inflation

A surprise surge in underlying EU inflation | 03 March 2023

03 March 2023, EUR/USD

A surprise surge in underlying EU inflation

EURUSD trading plan:

A surprise surge in underlying inflation across the 20-nation euro zone bolstered bets for more oversized European Central Bank rate hikes this spring, with policymakers fretting that price growth could be even more sticky than feared. Overall inflation eased a touch to 8.5% last month from 8.6% in January, data on Thursday showed. But nearly all the drop came from lower energy costs, while prices for most other items - including food, services and durable goods - surged again, confirming the worst fears of some ECB policymakers. The ECB has already flagged a half-percentage-point rate hike on March 16 and ECB President Christine Lagarde confirmed that on Thursday, quashing market chatter about a bigger rise and shifting the focus to the ECB's subsequent meeting in May.

Investment idea: buy 1.0590 and take profit 1.0677.

David Johnson
Analyst of «FreshForex» company
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