The monthly producer prices index data for Germany saw a modest increase. Headline PPI rose 0.1% on the month in September.
The official data from Destatis beat the forecasts of a 0.1% decline. September’s PPI marks a reversal from a month ago. It was also the first increase after PPI fell for two consecutive months.
EUR/USD Slips Off Resistance
EURUSD eased back after briefly testing the resistance area of 1.1177. But we expect to see a firmer retest of this level in the near term.
The bias to the downside will increase if price tests the resistance level. To the downside, the correction points to 1.1075 – 1.1062 level in the near term.
