Important events today:

09:00 UTC – EU: Inflation for August.

14:30 UTC – US: Crude oil inventories.

Trading will be strongly influenced by two factors. On the one hand, we can expect a decline in the euro quotes after the release of the euro zone inflation report for August. In most EU countries the inflation rate is already in double digits and on this background we can expect negative statistics today. The sharp increase in natural gas and electricity prices is contributing to a strong growth of inflation and so far there is no reason to change this trend.

The high prices on the European energy market are likely to remain until mid-October, when the winter heating season begins. On the other hand, there is a good demand for industrial and precious metals at the commodities market, which may have a negative impact on the dollar, as raw materials and the U.S. currency have an inverse correlation.

Recommendations: Movement in the corridor of 0.9960 -1.0040.