- German CPI Confirmed at 1.3% y/y in January vs. 1.4% in Dec
- Euro Rose Against the US Dollar Following the Data Release
- Further Gains May Be Ahead as the ECB Writes Off Deflation
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The release of the final revision of January’s German CPI reading proved uneventful, with the benchmark year-on-year inflation rate confirmed at 1.3 percent and the month-on-month change matching initial estimates to show a -0.6 percent decline.
The Euro rose against the U.S. Dollar after the data in a move that may have reflected little more than the event’s passing. A downward revision might have bolstered bets on additional easing from the European Central Bank (ECB). Confirmation of the alternative scattered these concerns, allowing the single currency to drift toward the top of its overnight range against the greenback. According to DailyFX Analyst John Kicklighter, the Euro may find support on general risk trends as the ECB writes off deflation.
EUR/USD 1-Minute Chart. February 13, 2014
Charted created by David Maycotte using Marketscope 2.0.
-- Written by David Maycotte, DailyFX Research Team. Questions, comments or concerns can be sent to dmaycotte@FXCM.com.
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