German CPI day today and the regional numbers are first
That’s sunk the Euro from the get go. I’ll update this post as we go.
- Saxony 1.4% vs 1.7% prior y/y. EURUSD drops to 1.2339 from 1.2356
- Brandenburg 1.7% vs 1.5% prior y/y. That’s cancelled out the Saxony drop and EURUSD is now up at 1.2377
- Bavaria 1.8% vs 1.7% prior y/y
- Hesse 1.3% vs 1.7% prior y/y
- North Rhine Westphalia 1.5% vs 1.5% prior y/y
The main German flash number is out at 13.00 GMT and is expected at 1.6% vs 1.6% prior y/y (HICP) & 1.7% vs 1.7% prior y/y. If the drop in the Saxony is followed by falls in the others, that’s going to have folks revising down expectations for the main number.
Update 9.06 GMT: It’s all looking a bit messy at the moment. Some up, some down. The euro jumped on the Brandenburg number and has hit a high of 1.2388, but that’s where it’s topped out, right into the late Monday and Asia highs.
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