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EUR/USD chart - Trading View
| Time (GMT) | Event | Actual | Forecast |
Previous |
| 0600 | German Harmonized Index of Consumer Prices (HICP) MoM (July) | 0.5% | 0.5% | 0.4% |
| 0600 | German Harmonized Index of Consumer Prices (HICP) YoY (July) | 3.1% | 3.1% | 2.1% |
| 0600 | German Consumer Price Index (CPI) MoM (July) | 0.9% | 0.9% | 0.4% |
| 0600 | German Consumer Price Index (CPI) YoY (July) | 3.8% | 3.8% | 2.3% |
Germany's annual consumer price inflation accelerated to 3.8% YoY in July, inline with expectations.
The Harmonised Index of Consumer Prices (HICP) rose to 3.1% YoY from 2.1% in the previous month.
On a monthly basis German CPI was up 0.9% from 0.4% in the prior month, while HICP rose to 0.5% from 0.4% prior.
About Germany Harmonised Index of Consumer Prices (HICP)
German Harmonised Index of Consumer Prices (HICP) published by Eurostat, the Statistical Office of the European Union, in an index of consumer prices calculated on the basis of a statistical methodology that has been harmonised across all EU Member States.
It is a measure of prices used by the Governing Council of EU to define and assess price stability in the euro area as a whole in quantitative terms. HICP is designed expressly for international comparisons of consumer price inflation across EU Member States.
About Germany Consumer Price Index (CPI)
German Consumer Price Index (CPI) published the Statistisches Bundesamt Deutschland measures the changes in the price of goods and services purchased by consumers.
A higher than expected reading should be taken as positive/bullish for the EUR, while a lower than expected reading should be taken as negative/bearish for the EUR.
EUR/USD Spot Analysis
EUR/USD was trading largely muted at 1.1720 before the release of data. The pair
Support levels - 1.1685 (110-week EMA), 1.1572 (200-week MA)
Resistance levels - 1.1752 (5-DMA), 1.1802 (20-DMA)
Guidance: EUR/USD has paused an 8-day bearish streak. Strength in US dollar likely to weigh on the pair. Technical bias also remains bearish. That said, oversold conditions might lead to some retrace in price. However, pullbacks if any are likely to be shallow.
Focus also on the monthly U.S. personal consumption report due at 1230 GMT that could influence the Fed's timeline to taper monetary support.
USD could get a further boost from an upbeat inflation reading, adding to expectations of policy tightening.
