Technical analysis

Technical analysis

 
Euro Down On German Inflation Data
 
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GersonH
The euro fell during European trading in most of the major currencies as a number of data were issued, the most important of which was Germany's inflation, which hit its highest level in ten years in addition to the differences in the budget and the tensions with the rest of the Union

German Inflation At Highest Level In Ten Years

The German Federal Statistics Office said on Tuesday that consumer data accelerated last month, confirming initial data. The index rose 2.5% on an annual basis, the largest in ten years, while the previous final report showed 2.3%. However, the monthly rate has fallen to 0.2%.

The German Statistical Office's inflation rate was 0.1% for the month of October alone, according to the harmonized methodology for European purposes, compared to 0.4% from the previous month. The measure increased 2.4 percent year-on-year or 0.2 percentage points more than in September.

With the exception of food and energy, the most volatile material, inflation reached 1.7%. The benchmark index rose just 0.1% last month. Energy prices jumped 8.9% last year or 1.2 points more than a month ago, led by heating oil.

Italy Keeps Budget Unchanged

Italy's ruling populist coalition has refused to comply with the European Commission and will likely not submit any changes to its budget for 2019, which could lead to financial sanctions on Rome.

After the first meeting on Monday, Italian Prime Minister Giuseppe Conte will hold a meeting on Tuesday afternoon with his deputies Matteo Salveni and Luigi de Mayo, while the European Commission has given Italy until Tuesday afternoon to review its text. The governing coalition, which includes Salvini's nationalist right-wing party and a five-star (anti-regime) movement, said the budget against austerity would revive weak growth, which would in turn reduce public debt and debt.
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