Solid News

EU Core Inflation Still Robust

4/20/2023 1:02 PM

The EUR/USD pair is moving within a corrective range at 1.0958.

The euro keeps in a stable trend against the background of yesterday's publication of data on inflation in the EU: the consumer price index in March rose by 0.9%, which coincided with analysts' expectations, and slowed down to 6.9% from 8.5% YoY, which is also in line with the forecast already taken into account by the market. Despite the negative dynamics of headline inflation, the core value, which excludes fuel and food prices, increased by 1.3% MoM, correcting to 5.7% from 5.6% YoY. The publications had almost no effect on the situation, and the trend of the beginning of the week continued.

The US currency is moving within a stable trend, trading at 101.700 in the USD Index. Key macroeconomic publications that can change the trend are not yet expected but local pressure on the dollar was exerted by an increase in the 30-year mortgage rate to 6.43% from 6.30% a month earlier, which interrupted a long cycle of its reduction. Against this background, the mortgage lending index fell by 8.8% after rising by 5.3% a week earlier.

On the daily chart, the trading instrument is correcting within the local ascending corridor with dynamic boundaries 1.0920–1.1100.

Technical indicators maintain a stable buy signal: fast EMAs on the Alligator indicator expand the range of fluctuations in the direction of growth, and the AO histogram forms rising bars in the buying zone.

Resistance levels: 1.0990, 1.1075. | Support levels: 1.0920, 1.0830.

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