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Euro-zone inflation at -0.1% as expected

Euro-zone  inflation ticks up from -0.2% to -0.1%, as expected. This is the fourth consecutive month of a negative number, but it can be blamed on oil prices.  The unemployment rate remains at 10.2% also as expected. Also core inflation  comes out as predicted with a rise from 0.7% to 0.8%.  

This doesn’t cheer EUR/USD too much with continues playing around 1.1130.

The euro-zone was expected to report a drop of 0.1% in the Consumer Price Index (CPI) in May, in its preliminary  read.  In  April, the final read was -0.2%. Core CPI  was also expected to rise from 0.7% to 0.8%. The unemployment rate was predicted to remain unchanged at 10.2%.

EUR/USD traded around the  former support line of 1.1130 towards the release.

Early  indications from Germany and  Spain did not change the expectations. Earlier in the day, euro-zone monetary data disappointed with private loans sliding to 1.5% y/y and the M3 Money Supply slipping to 4.6%. Also German retail sales missed expectations with a drop of 0.9% after a rise of 1%.

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Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.