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EUR/USD slips further on mixed German inflation data -by Ecork

EUR/USD Price, Chart and Analysis

  • Germany’s annual inflation rate is falling, but price pressures on a monthly basis are rising.
  • Coordinated inflation continues to rise.
  • EUR/USD is looking to break below 1.0100.

A mixed batch of preliminary German inflation data as the annual figure fell 0.1% to 7.5% in July, while the monthly figure rose 0.9%, beating expectations of 0.6%. On a coordinated basis, German inflation rose monthly and yearly, beating expectations and the June numbers.

German inflation reached 7.9% in May this year, the highest level since German reunification.

Earlier today, economic sentiment in the European Union missed expectations as energy concerns weighed on the region.

Euro update: disappointing economic sentiment, German CPI later

For all the economic data and events that move the market, see DailyFX Calendar

The single currency is trading near its lowest level today (1.0113), after recording a high of 1.0233 earlier in the session. The weak US dollar helped the higher reading after last night’s FOMC meeting saw the US dollar drop after Fed Chairman Powell’s press conference. EUR/USD is still weak and may test parity (1.0000) in the near future, especially if the upcoming US data supports the dollar.

EUR/USD daily price chart for July 28, 2022

EUR/USD slips further on mixed German inflation data

Show retailer data 57.46% of traders are net long with the ratio of long to short traders at 1.35 to 1. The number of long traders is 15.26% lower than yesterday and 7.80% lower than last week, while the number of short traders is 9.88% higher than yesterday and 16.24% higher than last week.

We usually take a conflicting view with crowd sentiment, and the fact that traders are holding indicates that EUR/USD prices may continue to fall. However, traders have lower net longs than yesterday and compared to last week. Recent changes in sentiment warn that the current EUR/USD price trend may reverse upwards soon despite the fact that traders are still net.

what is your opinion of The euro – Ascending or descending? You can let us know via the form at the end of this piece or you can contact the author via Twitter hahahahahaha.

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