Producer prices data for the Eurozone saw a modest increase for October. Inflation at the factory gate rose 0.1% on the month. On a yearly basis, Eurozone PPI is down 1.9%. The gains were driven in part by the energy sector which rose 0.7%.
EUR/USD Attempts to Post Further Gains
The currency pair, after a brief consolidation near the resistance area, is looking to breakout higher. Although price action needs to be more convincing at this point, the bias is shifting to the upside. If the resistance level of 1.1075–1.1062 is tested for support, then the common currency will be aiming for 1.1131.
