We saw good weakness in the EUR overnight and traders will be keen to look out for German (regional) CPI tonight; however the more important metric will be M3...

Chris Weston

Pepperstone

We saw good weakness in the EUR overnight and traders will be keen to look out for German (regional) CPI tonight; however the more important metric will be M3 money supply. Along with inflation, this is the main data point the ECB look at and while the market expects a slight uptick to 1.1% (from 1%) a weaker read should push EUR/USD lower. I suggested shorts ((VIEW LINK) on February 17 and a closing break of 1.3660 would be a further negative development.


Chris Weston
Chris Weston
Head of Research
Pepperstone

Highly accomplished financial markets professional, with experience at a number of top-tier global institutions on both the buy and sell-side. A natural communicator with a strong ability to analyse macro-economic trends, capital flows and market...

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