Euro Zone Inflation Matches Forecasts, Euro Stoxx50 Strengthens
Jan, 05th 13:32
European markets opened higher on Friday, as investors eyed the release of euro zone inflation data due later in the day, as well as a highly-anticipated U.S. employment report.
The EURO STOXX 50 advanced 0.44%, France’s CAC 40 gained 0.38%, while Germany’s DAX 30 was up 0.69% by 03:30 a.m. ET (07:30 GMT).
According to flash data released by Eurostat on Friday, Eurozone inflation eased in line with expectations in December.
The European Union’s statistics office said the consumer price index rose at an annual rate of 1.4% in December, from 1.5% in November. The rates were in line with expectations, but below the ECB target inflation rate of 2%, supporting the central bank’s approach to gradually increasing interest rates.
Meanwhile, the producer price index (PPI) rose to 0.6% in November from 0.4% the prior month, and more than the 0.3% expected by economists. The PPI rose by an annualized 2.8% in November compared to 2.5% previously. Analysts had expected the index to stay flat at 2.5%.
On the technical charts of CAC40, the price action has made higher highs and higher lows. The MACD has made a positive crossover above the signal line. The RSI is nicely placed above 50. Trade suggestion:
Buy digital Call option between 5456 and 5502, valid until 23:00 GMT January 5th 2018