- HICP inflation in Germany rose sharply in October.
- EUR / USD continues to fluctuate in a tight range around 1.1600.
Inflation in Germany, measured by the CPI consumer price index, rose to 4.5% annually in October from 4.1% seen in September. This reading was higher than the market’s expectation of 4.4%.
Even more importart, the harmonized index of consumer prices HICP year-on-year, the European Central Bank’s preferred indicator of inflation, rose to 4.6% from 4.1% previously, compared to the analysts’ estimate of 4.5%.
Market reaction
This data does not appear to be having a significant impact on the performance of the common currency against its rivals. At the time of writing, the EUR / USD pair is down 0.08% on the day at 1.1595. Investors await the press conference of the president of the European Central Bank (ECB), Christine Lagarde.
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