ANALYSIS
NQ100 Finds Support from PPIApr 14
Inflation Hits Double Digits in Germany After 70 Years
The industrial production, which was reported by the European Statistics Office (Eurostat) for the eurozone yesterday, grew by 2.5% in August against the expectations of 1.2% on an annual basis, easing the concerns about the recession to some extent and creating some resistance in the euro. However, today, another critical data came from Federal Statistical Office (Destatis) of Germany, the leading economy of the region. Accordingly, the fact that annual consumer inflation in Germany was 10% in September, which was the highest since 1952, made it difficult for the euro to recover significantly against the dollar. At this point, the level of 0.9745 maintains its importance. As long as this level is not exceeded, the risk of the parity falling to 0.9615, behind 0.9660, will remain high.
