Today investors’ attention will turn onto European news. Producer price index in Eurozone for September will be published.
Producer price index indicates changes in price of industrial products, which is sold in bulk. Index incorporates the price of the raw materials, semi-manufactured goods, parts, labour and, which is most important, the price of the final products ready for consumption. According to experts the index can increase by 0.2%. Although it is not a considerable change, during the summer the index varied in the range of 0.0-0.3%, nevertheless, it may put European currency under pressure.
Based on experts’ forecast, we can expect slight weakening of Euro against major counterparts. Currency pair EUR/USD is likely to drop to the level of 1.3460.
Analyst of LiteForex Group of Companies