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French CPI fell by 1.0% in January

Thursday, Feb 19 2015

In January 2015, the French Consumer Prices Index fell by 1.0% after an increase by 0.1% in December 2014. However, this was in line with market forecasts. Seasonally adjusted, it diminished by 0.3% after 0.2% fall in December. For the first time since 2009, the CPI declined year-on-year, by 0.4%.

The main contributors to the fall of the consumer Prices in January 2015, of manufactured product prices especially, were winter sales. In addition, prices of services linked to tourism went down seasonally while the decrease in petroleum product prices has continued. By contrast, food prices grew slightly due to a rebound in fresh foodstuff prices.

 

This fall in French CPI indicates that Eurozone inflation, as a whole, could continue to suffer in the months to come, regardless of recent ECB measures. But, at the moment, data did not have any major impact on the markets with EUR/USD pair gaining at the European part of the session opening and is currently being traded around 1.1430 level.

 

We believe that it will find support around 1.1380 level and resistance above 1.1450 area. Later today, we would pay attention to ECB Monetary Policy Meeting Minutes that are about to explained what influenced recent ECB monetary policy decisions, as well as US Unemployment Claims and Philly Fed Manufacturing Index figures.

Last modified on Thursday, 19 February 2015
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