EUR remained neutral. Overview for 03.03.2023
EURUSD has stabilised after a series of amplitude fluctuations. The current quote is 1.0610.
The EU failed to support the EUR by good news. The prelim CPI in February turned out at 8.5% y/y instead of declining to 8.3% y/y, while earlier it was 8.6%. Base inflation is estimated at 5.6% y/y — higher than in January, when it was at 5.3%.
Prices in Europe remain high, and this is no news. The enforcement of the trend perfectly demonstrated by the purified inflation index must push the ECB towards increasing the interest rate.
The unemployment rate in the EU in January grew to 6.7%, which is also not the best of possible news.
One more interesting price release is scheduled for today, and this is the European PPI. It is expected to drop by 0.3% m/m upon growing by 1.1% earlier. If production prices do decrease somewhat, this will take some pressure off the market.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
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