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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
EUROPEAN INFLATION
The Bundesbank's estimate of seasonally-adjusted German CPI suggests core momentum accelerated in July. Although the respective momentum measures (3MMA) remain below recent highs, upticks in the sequential comparison again underline services stickiness.
- Overall core inflation increased to 0.26% M/M (vs 0.17% in June; and 3.2% annualized) per Buba, and services inflation to 0.35% M/M (vs 0.18% in May; and 4.3% annualized).
- Manufactured goods ex-energy meanwhile moved further away from the deflationary territory where the category printed two months ago, in a tentative sign that the supply-side pressures projected ahead of the release might start to come into play here. The category came in at +0.17% M/M (vs +0.09% in May, and +2.1% annualized).
- Regardless of the upticks in the sequential comparisons, respective 3-month moving averages remained below May highs - suggesting that the narrative of continuously accelerating services momentum from a couple months ago is broken. Nevertheless, the data suggests that price pressures specifically in the services category continue to remain sticky.
MNI, Bundesbank
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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