According to the official report published a coupe of days ago, Germany had its import prices dropping in September. If to believe the stats published by Germany’s national statistics office, the import prices went 4% down over the reporting period.
In the meantime, it should be noted that analysts had expected a less considerable drop, only by 3,5% after 3,1% seen a month before. For the sake of information, the current downtrend shown by the German import prices has been going on since January 2013. Moreover, the recent drop is the biggest one since January 2015.
The key factor that affected the prices was a major drop in energy prices – almost 32%. Other commodities showed a slight increase – 0,7% in September.
FOREX
In the meantime, the common European currency is going down within the scope of a long-term downtrend versus the U.S. Dollar. EURUSD is moving down within the framework of a bearish momentum - wave A/B of level Weekly. The currency pair is still within a smaller-scale move - wave 3/C of the downtrend, Masterforex-V Academy reports.
The closest levels of support - 1.1494 + the bottom of the ascending MF sloping channel.
The closest levels of resistance - 1.0846, 1.0757, 1.0699, 1.0607 + MF pivot 1.0847.
