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Negative macroeconomic statistics from Germany

Negative macroeconomic statistics from Germany | 29 July 2022

29 July 2022, EUR/USD

EURUSD trading plan:

German inflation edged up unexpectedly in July, driven by an energy supply crisis as a further reduction in gas flows from Russia prompted concerns about even higher energy bills. Consumer prices, harmonised to make them comparable with inflation data from other European Union countries, increased by 8.5% on the year, the federal statistics office said. Energy prices were 35.7% higher in July on the same month last year, the statistics office said. Both this and food prices - up 14.8% - were fuelling overall high inflation, it added. This is a negative signal for the European currency.

Investment idea: sell 1.0233 and take profit 1.0130.

David Johnson
Analyst of «FreshForex» company
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