According to the Bureau of Labor Statistics in the US, the Consumer Price Index on a seasonally adjusted basis has remained unchanged in the previous month, after having risen by 0.1 per cent in August.
Image source: TradingEconomics.com
Thus, the overall inflation rate is maintained the same at 1.7 per cent for the second consecutive month, which is close to but below the FOMC’s symmetrical target level of 2 per cent. In the report it was revealed that:
“The energy index fell 1.4 percent as the gasoline index declined 2.4 percent. The food index increased 0.1 percent in September after being unchanged in each of the prior 3 months.”
Surprisingly the energy index and the gasoline index deteriorated for the second consecutive month, despite the stabilization in the natural gas and crude oil prices.
Correspondingly, the EURUSD appreciated with close to 0.50 per cent after the release of the report and managed to break above the minor resistance level at 1.10000.
This level bears psychological importance, owing to the grouping of four consecutive zeros.
Image source: Trendsharks ©, created with TradingView.com
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