High inflation in Europe

19 5月 2022, EUR/USD

EURUSD trading plan:

Euro zone inflation held steady at a record high 7.4% in April, driven by soaring fuel and food costs, the EU's statistics agency said. Price presses are now so broad that even underlying inflation, which filters out volatile food and fuel costs, is well above the European Central Bank's 2% target, indicating that high price growth is at risk of getting entrenched. This broadening of inflation is the main reason the ECB is almost certain to raise interest rates in July, kicking off what is likely to be a string of rate moves that could lift its minus 0.5% deposit rate back into positive territory before year-end.

Investment idea: sell 1.0520 and take profit 1.0470.

David Johnson
Analyst of «FreshForex» company
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