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Germany's producer price inflation rises at fastest pace in nearly 5-years in Jan

Germany's producer prices for industrial products was released earlier on Monday by Destatis - Germany's Statistics Office. Data from Destatis showed that Germany's producer prices climbed at the fastest pace in nearly five years in January. Producer prices climbed 2.4 percent year-on-year in January, following a 1 percent increase in December and beating forecasts for 2 percent rise.

Germany's producer prices were up for the third consecutive month and the pace of rise in prices was the fastest since March 2012, when prices advanced 2.6 percent. Compared with the preceding month the overall index rose by 0.7 percent in January 2017 after a 0.4 percent rise in December and 0.3 percent rise in November.

The gains were broad based, with price indices of all main industrial groups rising compared with January 2016. Prices of intermediate goods rose by 2.4 percent, prices of non-durable consumer goods by 2.2 percent. Prices of durable consumer goods increased by 1.0 percent and prices of capital goods by 0.9 percent. Excluding energy, producer prices climbed 0.6 percent from December and by 1.8 percent from the same period of 2016.

Euro edges higher after better than expected German producer price data. EUR/USD was trading at 1.0624, 0.16 percent higher on the day. FxWirePro's Hourly EUR strength index was also bullish at 71.0591. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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