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Eurozone's Currency Slips On NRW Inflation Data

EUR

EUR has gone offered across the board after the release of June CPI data out of North Rhine Westphalia, with headline inflation slowing to +7.5% Y/Y from +8.1% prior. Monthly inflation printed at -0.1% M/M after a 0.9% increase in May.

  • NRW is the most populous German state and therefore its CPI makes the largest contribution (21.7%) to the national index.
  • Flash consumer inflation data for the whole Germany will be published at 13:00 BST. Headline price growth rate is expected to stay at +7.9%, according to Bloomberg median estimate.
  • EUR/USD showed below yesterday's worst levels and last sits at $1.0508, down 11 pips on the day. Next support layers are at $1.0445/1.0359, which represent the low prints of Jun 17/15.
  • EUR/JPY trades Y142.98, 21 lower on the day. Losses past Jun 24 low of Y141.40 would clear the way to Jun 17 low of Y139.45.
  • EUR sales are lending some support to gauges of U.S. dollar strength, as the Eurozone's shared currency is the largest contributor to these indices.
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