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EUR/JPY binary signal - German Quarterly GDP - 28 Nov 2017

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Expiry Time: 
21:00 GMT
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The German statistics agency, Destatis will be releasing the monthly import prices data for Germany today at 0700 GMT. According to the economists polled, import prices in Germany which measures the change of price paid for imported goods is expected to rise 0.4% in October. In September, import prices rose 0.9% on the month or about 3.0% on an annualized basis. Excluding crude oil imports, import prices were seen rising 2.1% on the year.

Import prices are an important data point as it can signal any potential inflation that is imported. Typically, higher import prices can signal an increase in consumer prices in the future. So far this year, import prices have been rising and this is expected to see that consumer prices in the near future can increase.

The increase in inflation for Germany will be an important data as it could potentially show the increase in inflation for the Eurozone. Consumer prices in the region have remained weak over the past few months after initially surging.

While the previous increase in inflation saw the markets expecting the ECB to take a hawkish stand, the central bank on its part cut down its QE purchases but extended the bond buying program for further nine months. The new ECB bond purchases at a rate of 30 billion euro will start from January next year through September. Economic data in the Eurozone has been broadly upbeat and the euro currency is showing signs of further strengthening.

Today's forex binary signal is EURJPY, the euro has managed to pull back after price tested the previous highs near 133.00 levels. In the near term, we expect the currency pair to make a minor pull back before pushing to retest the next resistance level at 132.72.

Therefore, we are looking to purchase daily CALL options at 132.30 for 21:00 GMT expiry time as we expect EURJPY to close higher on the day .

binary options signal eurjpy 28 Nov 2017

Disclaimer: The article is written for informative purposes only and it is not financial advice. The author does not have any position in the currency pairs mentioned, and no plans to initiate a position. He wrote the article himself and expressed his own opinions. Readers should not treat any opinion expressed by the author as a specific inducement to make a particular trade or follow a particular strategy, but only as an expression of his opinion. All risks and coasts associated with online trading are your responsibility.