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Soft Start For German State CPI Prints

GERMAN DATA

The first round of state German CPI data, covering NRW, comes in lower than the expected readings for the national CPI prints, with the M/M NRW reading -1.0% and the Y/Y print +8.7% (BBG survey expectations for the national readings stand at -0.6% M/M & +9.0% Y/Y). A reminder that NRW is Germany’s most populous state and has a 21.7% weighting in the national CPI release.

  • Bund futures traded to fresh session highs on the print, but have pared back from best levels, with similar moves seen in Tsy futures. EUR/USD softens a touch.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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