Energy prices continued to support a pickup in inflationary pressures, with Germany's annual rate of inflation accelerating to 2.5%... The ECB doves have limited the upside for the EUR, however.
Economic data from the Eurozone was on the quieter side this morning with inflation back in focus.
In May, German consumer prices increased by 0.5%, following a 0.7% rise in April. Economists had forecast a 0.5% rise.
According to Destatis,
From Italy, consumer prices held steady in May, following on from a 0.4% increase in April. Economists had forecast a 0.4% rise.
According to istat.it,
Inflation figures from Spain were also out but had a muted impact on the majors. Spain’s annual rate of inflation accelerated from 2.2% to 2.7% in May, according to prelim figures.
Ahead of today’s numbers the EUR had risen to a pre-stat and current day high $1.22043 before falling to a pre-stat and current day low $1.21835.
While under pressure following disappointing inflation figures from Italy, German inflation figures provided support.
The EUR recovered from a fall to $1.2185 levels to return to $1.22 levels.
At the time of writing, the EUR was up by 0.08% to $1.22011.
With over 28 years of experience in the financial industry, Bob has worked with various global rating agencies and multinational banks. Currently he is covering currencies, commodities, alternative asset classes and global equities, focusing mostly on European and Asian markets.