No surprises from Germany on inflation: it remains low at 0.8%. German inflation was expected to stand at 0.8% in August, just like in July. Month over month, no change was expected. These numbers are relevant for both the German CPI and the HICP, which is the harmonized version.
EUR/USD traded around 1.3180 before the publication after an exiting day. The pair is not reacting to the as expected figure. This leaves the expectations for tomorrow’s EZ inflation unchanged at only 0.4%.
Here’s what we had today this far:
- USD weakness sent EUR/USD to almost close the gap, but the gap remained intact.
- Ukraine said that Russia invaded and this sent the euro down.
- Spanish CPI stood on -0.5% y/y, weighing on the overall number.
- German state releases didn’t consist of any big surprises towards this publication.
- In the unemployment front, Germany disappointed with a rise in unemployment.