EUR Finds Support after Finalized Member State Inflation FiguresFinalized inflation figures from Germany, France, and Italy provide EUR support as the numbers affirm a pickup in inflationary pressures. Economic data from the U.S up next.
It was a busier start to the day on the Eurozone economic calendar today. Finalized March inflation figures for France, Germany, and Italy were in focus.
In Germany, consumer prices increased by 0.5% in March, which was in line with prelim figures. In February, consumer prices had risen by 0.7%. The annual rate of inflation accelerated from 1.3% to 1.7%, which was also in line with prelim figures.
According to Destatis,
- The prices of services were up 1.6%, with prices of goods rising by 1.9% when compared with a year earlier.
- Energy product prices were 4.8% higher than a year earlier, with food prices up by 1.6% compared with March 2020.
From France, consumer prices were also on the rise, with the annual rate of inflation picking up from 0.6% to 1.1%, which was in line with prelim figures. Month-on-month, consumer prices rose by 0.6% in March.
According to Insee.fr,
- Year-on-year, service prices ticked up from 0.8% to 1.1%, with deflationary pressures for manufactured goods softening from -0.4% to -0.2%.
In Italy, the annual rate of inflation saw a more modest uptick from 0.6% to 0.8%, which was also in line with prelim figures. Month-on-month, consumer prices increased by 0.6% in March.
Ahead of the inflation figures, the EUR had fallen to a pre-stat low and current day low $1.19699 before finding support. Through the morning, the EUR bounced back to strike a pre-release high $1.19780.
In response to the stats, the EUR fell to a post-stat low $1.19726 before rising to a post-stat and current day high $1.19902.
At the time of writing, the EUR was up by 0.02% to $1.19819.
A busy U.S economic calendar, with U.S retail sales, jobless claims, and Philly FED Manufacturing figures to consider.