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Quickly Unwinds Most Of Limited Move Lower On German NRW CPI

EUR

EUR/USD & EUR/GBP unwind most of the relatively negligible downticks that came on the back of German NRW CPI data, which provided a more notable than expected slowdown when compared to the wider BBG expectations for the national readings (headline national CPI seen at +7.3% Y/Y & +0.7% M/M, HICP seen at +7.5% Y/Y & +0.8% M/M, per the BBG surveys). A quick reminder that NRW is the most populous German state, with the CPI reading holding 21.1% weight in the German national CPI print. State and national CPI readings from Germany will continue to filter out through the day, while Spanish CPI data (due in ~7 minutes) will also provide some interest.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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