EUR/HUF REVIEW: created by import-candles on 2026-10-23 from Monorex history (digits 3 map); check digits/point_size/pip_size, then activate. Euro vs Hungarian Forint

Euro-area annual inflation rose to 4.0% in October from 3.8%, InvestingLive reports, citing the preliminary estimate. Energy inflation reached 20.8%, while core inflation held at 2.5%. Services inflation edged up to 3.3% from 3.2%. The split matters for the ECB: the headline increase remains heavily energy-driven, but firmer services prices complicate the assessment of how widely those pressures are spreading.

Thesis: Justin Low argues persistent energy inflation risks spreading to broader prices and complicates the ECB’s balancing act.

Counter view: Limitation: core annual inflation remained unchanged at 2.5%, and these readings are preliminary.

Germany’s industrial production rose 0.7% in September, but the quarter still ended 0.4% below the previous three months, Destatis reports. August’s increase was revised down to 1.0% from 2.0%, reflecting additional construction data. A 17.1% rebound in automotive output helped September after production changeovers and factory holidays had depressed the prior months. Construction and machinery output fell, leaving the recovery uneven. The monthly gain therefore comes with a weaker quarterly base than the earlier figures suggested.

Counter view: Limitation: September’s monthly rise did not prevent a quarterly decline, and August’s gain was revised lower.

German industrial orders rose 4.4% in September after August’s revised 10.1% drop, InvestingLive reports. Cars led the rebound, while orders excluding large contracts rose 5.1%. The broader recovery remains modest: total orders increased just 0.2% in the third quarter from the second.

Thesis: AI interpretation: The monthly rebound is stronger than the nearly flat quarterly trend.