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Higher than expected NRW CPI M/M print

GERMAN DATA
  • NRW CPI 5.9%Y/Y, +0.5%M/M
  • We tend to focus on the M/M as being more important than the Y/Y for the regional prints.
  • The 0.5%M/M print is higher than consensus expected for the national print (where a +0.3%M/M with downside risks was expected).
  • Bund futures move from 132.36 to hit a low of 131.97 on the NRW CPI print and are now trading around 132.10. Our technical analyst notes that initial firm support to watch lies at 131.20, the Aug 23 low. A break of this level would instead be seen as a bearish development.

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