Economic data was on the quieter side this morning, with German wholesale inflation figures in focus.
In July, Germany’s producer price index for industrial products rose by 1.9% versus a forecasted 0.8% increase. The index had risen by 1.3% in June.
According to Destatis,
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- Compared with July 2020, the index was up by 10.4%.
- This was the highest increase compared to the corresponding month of the preceding year since January 1975.
- Increases in prices of intermediate products and energy drove the index northwards.
- Prices of intermediate goods increased 15.6% compared with July 2020 and by 2.3% month-on-month.
- Energy prices as a whole increased by 20.4% compared with July 2020 and by 4.1% compared with June 2021.
Market Impact
Ahead of today’s trade data, the EUR had fallen to a pre-stat and current day low $1.16747 before rising to a pre-stat and current day high $1.16892.
In response to today’s stats, the EUR rose to a post-stat high $1.16875 before falling to a post-stat low $1.16830.
At the time of writing, the EUR was up by 0.07% to $1.16831.
Next Up
With no major stats due out of the U.S later today, FOMC member chatter will need monitoring. FMOC member Kaplan is scheduled to speak this afternoon.