Eurozone Preliminary CPI eases to 1.9% YoY in June, meets estimates
Eurozone’s annualized Consumer Price Index (CPI) came in at 1.9% in June, matching expectations of 1.9% while easing slightly from May’s 2.0%, Eurostat’s preliminary reading of the CPI report showed on Wednesday.
The core figures also inched lower to 0.9% YoY in June when compared to 0.9% expectations and 1.0% recorded in May.
Key details (via Eurostat)
“Looking at the main components of euro area inflation, energy is expected to have the highest annual rate in June (12.5%, compared with 13.1% in May), followed by non-energy industrial goods (1.2%, compared with 0.7% in May), services (0.7%, compared with 1.1% in May) and food, alcohol & tobacco (0.6%, compared with 0.5% in May).”
EUR/USD reaction
EUR/USD is testing lows of 1.1885 on the in-line with expectations Eurozone CPI data, currently trading at 1.1889, down 0.05% on the day. The spot remains uninspired by upbeat German jobs data, as the US dollar strength dominates.
“German unemployment fell further in June as more workers joined the labor market in light of a strong recovery in Europe's largest economy helped by falling coronavirus infections and an easing of containment measures, data showed on Wednesday,” per Reuters.
The Unemployment Rate in Eurozone’s economic powerhouse steadied at 5.9% in June while the Unemployment Change arrived at -38K in June vs. -20K expected and -19K previous.
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
