05 June 2023, EUR/USD
EURUSD trading plan:
The rapid decline in energy costs should help to tame inflation in Europe, Bank of Italy governor Ignazio Visco said, urging companies not to seek to boost their margins by leaving prices higher for longer. Visco, a member of the European Central Bank's governing council, said the key issue was what happened to inflation now that energy prices had retreated from peaks. Inflation in the 20 nations sharing the euro eased to 6.1% in May from 7.0% in April. Euro zone inflation eased more than expected in May fuelling a debate about the need for further ECB rate hikes beyond an increase expected later this month. He also said companies had a role to play in ensuring that inflation was brought under control so that the ECB did not keep having to push up the cost of borrowing.
Investment idea: range 1.0670 -1.0770.
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