German PPI below expectations
Christophe Chevalier July 20, 2020 7:30 AM
The June German Producer Price Index was released at +0.0% on month, below +0.2% expected.
This morning, the June German Producer Price Index was released at +0.0% on month, below +0.2% expected but above -0.4% in May. On year, PPI was down -1.8%, vs -1.7% expected and +2.2% in May.
From a technical point of view, on a daily chart, EUR/USD has validated a bullish flag and is supported by its rising 50-day moving average (in blue). Readers may therefore consider the potential for further rise above support at 1.1280. The nearest threshold would be set at 2019 top at 1.1565 and at horizontal resistance at 1.1680 in extension.
Source: TradingView, GAIN Capital