Eurozone final CPIs estimate overview
Eurostat will publish the Eurozone's inflation final estimate for December at 10.00GMT today. Consumer prices are seen easing to 1.4% on a yearly basis, confirming the flash estimate. While the core figures are expected to edge lower to 0.9% versus 1.1% reported in the first readout.
On a monthly basis, the CPI figure for December is seen at 0.4% versus 0.1% previous while the core CPI is expected to a solid rebound to 0.4% versus -0.1% last.
This gauge is considered the Eurozone's most important inflation data because it's used as the central bank's inflation target.
Deviation impact on EUR/USD
Readers can find FX Street's proprietary deviation impact map of the event below. As observed the reaction is likely to remain confined between 10 and 40 pips in deviations up to 1.5 to -3, although in some cases, if notable enough, a deviation can fuel movements of up to 50 pips.
How could affect EUR/USD?
Karen Jones, Analyst at Commerzbank explains, “EUR/USD charted an inside day and has shot higher overnight. The new high has not been confirmed by the daily RSI and we would allow for a small pullback currently this is indicated to terminate circa 1.2150-1.2110. Beyond this, it remains on course to challenge the 1.2432 200-month ma.
Support should be offered by the 1.2092 September high and the 20-day moving average at 1.2016 – the market will remain immediately bid above here.”
Key notes
Main market movers today - Danske Bank
EUR/USD headed to 1.2200 on solid USD rebound, EZ CPI eyed
About Eurozone final CPIs estimate
The Euro Zone CPI released by the Eurostat captures the changes in the price of goods and services. The CPI is a significant way to measure changes in purchasing trends and inflation in the Euro Zone. Generally, a high reading anticipates a hawkish attitude which will be positive (or bullish) for the EUR, while a low reading is seen as negative (or bearish).
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