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German annual inflation slowed in January

German annual inflation slowed in January | 01 February 2022

01 February 2022, EUR/USD

German annual inflation slowed in January

EURUSD trading plan:

German annual inflation slowed in January. Consumer prices, harmonized to make them comparable with inflation data from other European Union countries, rose 5.1% year on year compared with 5.7% in December, the Federal Statistics Office said. As surveys of German and foreign companies have so far shown no significant easing of supply chain disruption, the year-on-year CPI rates are likely to stay above 4.5% for a few more months. Euro zone inflation hit 5% last month, the highest on record for the 19-country currency bloc, but the ECB expects it back under its 2% target in both 2023 and 2024, even without policy tightening, as one-off pressures ease. This is a negative signal for the European currency.

Investment idea: sell 1.1260 and take profit 1.1187.

David Johnson
Analyst of «FreshForex» company
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