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Bullish Price Sequence

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Corrective Pullback

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Light Upside Call Spds

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Dips Considered Corrective

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Inflation in the eurozone hit a near-decade high of 3.0% in August, unrevised from the flash estimate released earlier this month. The HICP rose by 0.4% between July and August, in line with the last estimate.

Core inflation increase by 0.3% in August, or by 1.7% over the same month a year earlier, the fastest pace since July 2012. Despite the surge in headline prices, European Central Bank officials have taken a relaxed attitude toward inflation surging above its target of 2.0%. Earlier this week, both President Christine Lagarde and Chief Economist Philip Lane have stressed that inflation is forecast to slip back below target in 2022.