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Bad signal for the ECB

Bad signal for the ECB | 23 October 2023

23 October 2023, EUR/USD

EURUSD trading plan:

German producer prices posted their biggest year-on-year decline in September since data collection began in 1949, spurring hopes for further easing of inflation in Europe's largest economy. Producer prices fell slightly more than expected in September, decreasing by 14.7% on the year, the federal statistics office reported. Germany's producer prices index, considered a key inflation indicator, has been easing steadily since September of last year. The decline in inflation will not allow the ECB to raise interest rates in the near future, which is negative for the single European currency.

Investment idea: sell 1.0598 and take profit 1.0530.

David Johnson
Analyst of «FreshForex» company
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