03 March 2022, EUR/USD
EURUSD trading plan:
Inflation in the 19 countries sharing the euro accelerated to 5.8% from 5.1% in January, the highest figure in the bloc's two decades, beating expectations for 5.4% and also confounding the ECB's own projection for a drop, data from Eurostat showed. A 32% jump in energy costs drove inflation last month but unprocessed food prices were also up sharply, rising 6.1% and making inflation especially painful for lower income families. But the ECB's chief economist Philip Lane called for "tolerating a temporary increase in the inflation rate", which was caused by a shock in the supply of fuel and other goods. "In the event of an adverse supply shock, the horizon over which inflation returns to the target level could be lengthened in order to avoid pronounced falls in economic activity and employment," Lane added. This is a negative signal for the European currency.
Investment idea: sell 1.1120 and take profit 1.1075.
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