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According to the preliminary data published by the Destatis, inflation in April, as measured by the Consumer Price Index (CPI), rose 2% on a yearly basis following March’s 1.3% reading and surpassed the market expectation of 1.6%. Boosted by the upbeat reading, the EUR/USD extended its daily rally and was last seen trading at 1.1223, adding 0.35% on a daily basis.

Further details of the report showed that the CPI on a monthly basis increased 1% while the Harmonized Index of Consumer Prices advanced to 2.1% annually, both figures coming in above analysts’ estimates.