20 April 2023, EUR/USD
EURUSD trading plan:
Euro zone inflation eased last month but underlying readings remained stubbornly high, Eurostat said, confirming preliminary data that raised worries at the European Central Bank about the persistence of price pressures. Consumer inflation in the 20 nations sharing the euro eased to 6.9% from 8.5%, primarily on a rapid fall in energy costs as natural gas prices. But ECB policymakers are now getting worried that high energy costs have seeped into the broader economy and linger in everything from services to wages, making inflation more difficult to tame. The debate now appears to be between a 25-basis point and a 50-basis point increase at the May 4 meeting, with April inflation data, due just two days before the decision, likely be the determining factor.
Investment idea: buy 1.0927 and take profit 1.1000.
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