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Economic Data from France and Germany Failed to Impress the EUR

·2 minuto per la lettura

Inflation and unemployment figures were in focus in the early part of the European session this morning. Later today, prelim June inflation figures for the Eurozone will also draw interest, as sensitivity to inflation lingers.

French Inflation

In June, the annual rate of inflation ticked up from 1.4% to 1.5% based on prelim figures. This was in line with forecasts.

According to Insee.fr,

  • Prices for energy were up 10.9%, with prices for tobacco rising by 5.3% year-on-year.

  • Food prices were down by 0.3%, with prices for fresh food (-3.4%) weighing.

  • Month-on-month, consumer prices increased by 0.2% after having risen by 0.3% in May.

German Unemployment

In June, unemployment fell by 38k, following on from a 19k decline in May. Economists had forecast a more modest 20k fall. In spite of the larger than expected drop, the unemployment rate held steady at 5.9%.

Market Impact

Ahead of today’s stats, the EUR had risen to a pre-stat and current day high $1.19090 before falling to a pre-stat low $1.18960.

In response to the French inflation figures, the EUR rose to a post-stat high $1.19081 before falling to a current day low $1.18931.

The EUR found support, however, with unemployment change figures from Germany beating forecasts. With unemployment holding steady at 5.9%, the upside to the EUR is likely to be limited ahead of the Eurozone inflation figures.

Recovering from the current day low, the EUR rose to a post-stat high $1.19050 before easing back

At the time of writing, the EUR was up by 0.05% to $1.19022.

Next Up

Eurozone inflation figures ahead of ADP nonfarm employment change and Chicago PMI numbers from the U.S. Pending home sales figures from the U.S are also due out but should have a muted impact on the markets.

This article was originally posted on FX Empire

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