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Euro up on German CPI


German flash CPI inflation report was released today at 1:00 pm BST and was expected to show a big slowdown from February. Indeed the inflation slowed but not as much as was expected and especially not as much as shown by Spanish reading in the morning. Headline annual print came showed slowdown from 8.7% to 7.8% YoY while market expected slowdown to 7.3% YoY.

Germany, flash CPI inflation for March

  • Annual: 7.8% YoY vs 7.3% YoY expected (8.7% YoY previously)
  • Monthly: 0.8% MoM vs 0.7% MoM expected (0.8% MoM previously)

German state readings for March

  • North Rhine Westphalia: 6.9% YoY vs 8.5% YoY previously
  • Hesse: 7.1% YoY vs 8.3% YoY previously
  • Bavaria: 7.2% YoY vs 8.8% YoY previously
  • Brandenburg: 7.8% YoY vs 8.7% YoY previously
  • Baden Wuerttemberg: 7.8% YoY vs 8.7% YoY previously
  • Saxony: 8.3% YoY vs 9.2% YoY previously

EUR gained in the first minutes after the release while DE30 and other indices moved a touch lower. The main currency pair is trading 0.4% higher on the day and moves closer to 1.09 mark.

EURUSD at H1 interval. Source: xStation5

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