31 August 2022, EUR/USD
EURUSD trading plan:
German inflation rose to its highest level in almost 50 years in August, beating a high set only three months earlier, data showed, strengthening the case for the European Central Bank to go for a larger basis-point interest rate increase next month. Consumer prices, harmonised to make them comparable with inflation data from other European Union countries, increased by 8.8% on the year, following an unexpected 8.5% rise in July. The ECB raised its deposit rate by 50 bps to zero in July and a similar move was expected for September until recently, but a host of policymakers made the case for discussing a 75 bps increase as well. At 8.9%, euro zone inflation is already more than four times the ECB's 2% target and could exceed 10% in the coming months.
Investment idea: sell 1.0060 and take profit 0.9990.
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