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Prices have risen sharply across Europe

Prices have risen sharply across Europe | 01 June 2022

01 June 2022, EUR/USD

EURUSD trading plan:

Inflation in the 19 countries sharing the euro accelerated to 8.1% this month from 7.4% in April, while price pressures continued to broaden, indicating that it is not just energy pushing up the headline figure. France's economy shrank unexpectedly in the first quarter as consumers struggled to cope with surging inflation, official data showed, putting pressure on President Emmanuel Macron heading into legislative elections this month. The ECB has pencilled in gradual interest rate increases in July and September but, after Tuesday's data, markets and at least one ECB rate-setter doubt that hikes worth 25 basis points each will be enough to tame fast price growth.

Investment idea: sell 1.0739 and take profit 1.0684.

David Johnson
Analyst of «FreshForex» company
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