According to the latest official report, Germany’s consumer prices showed some growth in October. Nevertheless, the level of inflation happened to remain at the same low level. Analysts see it as the consequence of significantly lower energy prices.
In particular, the consumer price growth reached 0,3% in October 2015, if to believe the report released by Destatis, Germany’s official statistics agency. The pace at which the inflation accelerated happens to be the highest one since June 2015. Month over month, the prices remained at September’s level – 0,2%. However, lower energy prices saw a 8,6% plunge in year-over-year terms. Destatis reports that the rate of inflation would have reached 1,4% but for the energy price drop.
FOREX
In the meantime, the common European currency is still going down in value within the scope of the long-term downtrend against the U.S. Dollar. However, Masterforex-V Academy reports that EURUSD has just developed an upswing – wave 3/C of level H4 or higher.
On breaking above the local high of 1.0829 will trigger a new upswing - wave A/B of level Daily. The closest levels of resistance are 1.0867/89, 1.0925. Alternatively, a break below 1.0673 will resume the downtrend. The closest levels of support are 1.0610, 1.0576.
