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Negative macroeconomic statistics from Europe

Negative macroeconomic statistics from Europe | 08 August 2023

08 August 2023, EUR/USD

EURUSD trading plan:

Euro zone consumers expect inflation to keep slowing in the next months and years but remain pessimistic about their purchasing power and house prices, a European Central Bank fresh survey showed. The ECB's monthly Consumer Expectations Survey added to evidence that the central bank's steepest ever streak of interest rate hikes was slowly starting to succeed in preventing the current, high rate of inflation from taking root in people's minds. The survey also showed that consumers continued to expect their income to grow much more slowly - at 1.2% - than inflation and spending over the next 12 months, implying an expected lowering of living standards and savings. This is a negative signal for the European currency.

Investment idea: sell 1.1003 and take profit 1.0944.

David Johnson
Analyst of «FreshForex» company
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