German inflation figures came out slightly below expectations: no change m/m against 0.1% expected. Year over year, the rise remains at 1.8%. This is the European Standard HICP measure.
Earlier in the day, we learned that Spain’s annual inflation also stands at 1.8%. In Spain’s case, this is a rise from 1.6% reported earlier. Tomorrow we will get the all-European figures for September.
EUR/USD is now consolidating the gains it made earlier, thanks to dollar weakness. The pair trades around 1.1774. The high for today was 1.1784. The greenback is taking a breather after the rallies. Here are the reasons for the dollar rally.
The next big event on the agenda is the release of the final estimate for US GDP, due at 12:30 GMT. Trump’s tax plan is also grabbing the headlines. The tax plan is boosting markets, despite the dearth of details.
Here are the recent movements in EUR/USD. Resistance is at 1.1780, followed by 1.1840. On the downside, 1.1712 works as support. It was the high point around two years ago.
