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  • Inflation in the euro area remains subdued in November.
  • EUR/USD extends sideways grind above 1.2200 after the CPI data.

Inflation in the euro area, as measured by the Consumer Price Index (CPI), was -0.3% on a monthly basis in November, the data published by the Eurostat showed on Thursday.

The Core CPI, which excludes volatile food and energy prices, fell to -0.4% from 0.1% in October and stayed unchanged at 0.2% on a yearly basis. Both of these readings came in line with analysts’ estimates.

Market reaction

The EUR/USD pair showed no immediate reaction to this report and was last seen trading at 1.2230, where it was up 0.27% on a daily basis.