01 August 2023, EUR/USD
EURUSD trading plan:
Euro zone inflation fell further in July and most measures of underlying price growth also eased, in a largely comforting sign for the European Central Bank as it considers ending its severe run of interest rate hikes. Consumer prices grew by 5.3% this month versus 5.5% in June, extending a downwards trend that started in the autumn. While this is still a far cry from the ECB's 2% target, the reading may help policymakers argue that inflation in the euro zone is on a clear, albeit gentle, downward path and they can afford to skip raising interest rates at least at their next meeting.
Investment idea: sell 1.1002 and take profit 1.0910.
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