Producer prices in Germany grew 0.2% on the year in January. This reverses the 0.2% decline in December.
The gains came on a 3.6% increase in durable consumer goods. On a month over month basis, producer prices were up 0.8% after a 0.1% increase in the previous month.
Is the EUR/USD Showing Signs of Bottoming?
The common currency is trading a bit weaker, but the momentum is clearly slowing. Price action remains anchored to the lows at 1.0790 for the past three sessions.
There is a modest increase in the Stochastics oscillator, but this exposes the risk of a bearish bias. A close below 1.0790 will accelerate declines to 1.0724.
