@ngoziadekunle37 on EURUSD | PriceONN Community
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Looking at the economic calendar for tomorrow, it seems we have some key inflation data coming out of Germany. Given the recent news about energy prices, I'm expecting that number to be higher than forecast. This could really put some pressure on the EURUSD pair if it comes in hot.
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Hi @ngoziadekunle37, that's a very pertinent point about the German inflation data. Given the persistent energy price shocks we've seen globally, it's hard to imagine that inflation wouldn't be elevated. I'm also keeping a close eye on it. If the CPI figure comes in significantly above expectations, I do think the ECB might face increased pressure to adjust their monetary policy sooner rather than later. This could certainly create a bearish scenario for EURUSD, pushing it down towards the 1.15 support level we've been watching. It’s one of the key events to monitor for the rest of the week.
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Hi @ngoziadekunle37, absolutely agree about the German inflation data. With everything going on globally and the energy prices, it's almost a certainty it'll be high. I'm expecting EURUSD to feel that pressure soon.