18 May 2023, EUR/USD
EURUSD trading plan:
Euro zone inflation accelerated last month, Eurostat said, confirming preliminary data pointing to increasingly stubborn price growth among the 20 nations sharing the euro. Overall price growth accelerated to 7.0% in April from 6.9% a month earlier, as rising services and energy costs offset a slowdown in food price growth. Excluding volatile food and fuel prices, core inflation slowed to 7.3% from 7.5%, while an even narrower measure, which excludes alcohol and tobacco, slowed to 5.6% from 5.7% in its first decline since last June. Inflation has been above the ECB's 2% target for nearly two years and the bank has lifted interest rates by a combined 375 basis points since last July to arrest runaway price growth. Traders see the ECB's 3.25% deposit rate rising to just below 3.75% this summer but some policymakers have already warned that this may not be enough.
Investment idea: buy 1.0801 and take profit 1.0877.
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