21 June 2023, EUR/USD
EURUSD trading plan:
German producer prices rose at their slowest pace in more than two years in May, according to data released, in a further sign inflation in Europe's largest economy is easing. Producer prices of industrial products were up 1.0% compared with May 2022, the Federal Statistical Office reported. Compared with the previous month, prices in May fell by 1.4%, versus a forecast 0.7% decline. Producer prices are considered a precursor to the development of the cost of living. If producers raise or lower their prices, this usually has a delayed effect on private households, at least in part. German inflation, harmonised to compare with other European Union countries, eased to its lowest level in more than a year in May, with consumer prices rising by a less-than-anticipated 6.3% on the year.
Investment idea: sell 1.0950 and take profit 1.0880.
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