21 August 2023, EUR/USD
EURUSD trading plan:
Euro zone inflation slower further and even underlying price pressures appear to have peaked, Eurostat data showed, easing pressure on the European Central Bank to keep raising rates after its fastest rate-hike cycle on record. The ECB has lifted rates from deep in negative territory to two-decade-highs in just a year to combat a historic surge in inflation and policymakers are now contemplating whether they have done enough to put price growth back on a path to 2%. Consumer prices increased by 5.3% in July versus 5.5% in June, extending a downtrend that started last autumn. Meanwhile price growth excluding food and energy, the underlying measure closely watched by the ECB, was flat at 5.5%, Eurostat said, confirming preliminary figures.
Investment idea: sell 1.0911 and take profit 1.0850.
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