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Finalized Inflation Figures for the Eurozone Delivers Little EUR Support

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·1 min read
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It was a quiet start to the day on the economic calendar, with stats limited to finalized inflation figures for the Eurozone.

In May, the annual rate of inflation accelerated from 1.6% to 2.0%, which was in line with prelim numbers. Consumer prices increased by 0.3% in the month of May, which was also in line with prelim figures. In April, consumer prices had risen by 0.6%.

According to Eurostat,

  • The lowest annual rates were registered in Greece (-1.2%), Malta (-0.2%), and Portugal (0.5%).

  • Luxembourg (+4.0%) registered the highest annual rate of inflation.

  • In May, the highest contribution to the annual euro area inflation rate came from energy (+1.19 pp).

  • There were also strong contributions from services (+0.45 pp), non-energy industrial goods (+0.19 pp), and food, alcohol, & tobacco (+0.15 pp).

Market Impact

Ahead of the trade data, the EUR had risen to a pre-stat and current day high $1.20063 before falling to a pre-stat and current day low $1.19361.

In response to the inflation and trade data, the EUR slipped to a post-stat low $1.19470 before rising to a post-stat high $1.19533.

At the time of writing, the EUR was down by 0.35% to $1.19529.

Next Up

U.S weekly jobless claims and Philly FED Manufacturing numbers for June.

This article was originally posted on FX Empire

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