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The ECB will keep a close eye inflation data

The ECB will keep a close eye inflation data | 31 August 2023

31 August 2023, EUR/USD

The ECB will keep a close eye inflation data

EURUSD trading plan:

German inflation fell only slightly in August, data showed, but economists expect the downward trend in headline inflation to gain pace in the coming months. Consumer prices, harmonised to compare with other European Union countries, increased by 6.4% on the year this month, according to preliminary data from the federal statistics office. The data from Germany, the euro zone's biggest economy, comes as the European Central Bank is still looking for evidence that underlying inflation has turned a corner. Germany's core inflation rate, which excludes volatile items such as food and energy, was 5.5% in August, unchanged from July.

Investment idea: sell 1.0925 and take profit 1.0860.

David Johnson
Analyst of «FreshForex» company
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