Daily Alert – Thursday 2nd March 2023: Inflation still strong in the Euro zone

Mark NugentDaily Alert, March 2023

Daily Alert – Thursday 2nd March 2023: Inflation still strong in the Euro zone

Good evening.

Today’s inflation numbers in the Euro zone show that the European Central Bank still has work to do. Core inflation (excluding fuel and food) hit a new all-time high of 5.6% against the expectation of 5.3%. The prior number (January) was 5.3%, so clearly things are going the wrong way. The headline number, including food and fuel, was 8.5% against the expectation of 8.2%, and only just below the prior (January) number of 8.6%. So, it looks like the 50 basis-point increase the ECB has already promised for March will not be the last.

I was frustrated in my attempts to trade the weak GBP. When I looked at it last, yesterday morning, the GBP was rising. It ended the day down and I missed the large rise in EURGBP as I was travelling. That’s a 2% winning trade missed. Frustrating, but that’s the game.

I’ll be back tomorrow with your Performance Report for February and a short video on last week’s winning GBPUSD short.

VIP Club members can see today’s video, all brief trading videos, the Monthly and YTD Performance videos, the Trading Video Course and download the MTM Indicators software HERE