German Wholesale Inflation Gives the EUR An Early Boost

Economic data from the Eurozone was on the lighter side this morning but not without influence.

Wholesale inflation figures for Germany were in focus this morning.

German Producer Prices

In April, the producer price index rose by 0.8% month-on-month, following a 0.9% increase in February.

According to Destatis,

• Month-on-month, energy prices increased by 0.6%, with prices for intermediate goods rising by 1.8%.
• Prices for non-durable goods increased by 0.6%, month-on-month, with prices for durable consumer goods up 0.4%.
• Compared with April 2020, the index of producer prices for industrial products increased by 5.2%. This was the highest year-on-year increase since August 2011.
• Prices of intermediate goods increased by 8.2%, compared with April 2020.
• Compared with April 2020, energy prices jumped by 10.6%.
• Price for durable consumer goods increased by 1.6%, with prices for capital goods up by 1.0%.
• Non-durable consumer goods prices declined by 0.6%, however.

Market Impact

Ahead of the numbers the EUR had fallen to a pre-stat and current day low $1.21685 before rising to a pre-stat high $1.21854.

In response to today’s stats, the EUR rose from $1.21788 to a post-stat and current day high $1.21891 before easing back.

At the time of writing, the EUR was up by 0.11% to $1.21878.

Next Up

U.S jobless claims and Philly FED Manufacturing figures.