ANALYSIS
NQ100 Finds Support from PPIApr 14
Euro Struggles To Find a Significant Demand Against Dollar
As of the fourth trading day of the week, the moderate outlook of the dollar gave some support to the parity pricing. However, rigid inflationary pressures continue to be the main driver of euro pricing. As a matter of fact, as the German Federal Statistical Office (Destatis) reported earlier today, the producer price index (PPI) in the country increased by 2.3% in September and preserved its record-high levels at 45.8% on an annual basis. Having difficulty in finding demand under this outlook, the parity will be at risk of falling to 0.9655 behind 0.9720 unless it exceeds the 0.9850 level indicated by the 200-period simple moving average (MA). 0.9915 and 0.9995 resistances can be observed, in a possible transition above 0.9850.
Support: 0.9720 – 0.9655 – 0.9580
Resistance: 0.9850 – 0.9915 – 0.9995
