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German CPI rose by 0.1%

Tuesday, Jul 12 2016
There were no data releases from Eurozone today. German consumer prices rose 0.1% according to the final data and confirming data from the flash reading. There was an annual increase in prices of 0.3%, also unchanged from the flash reading and in line with market expectations. The annual inflation rate has increased for the last three months from a trough of -0.1% in April and a further sustained increase would start to cause some concerns within the Bundesbank.
There was a 0.4% decline in food prices for the month, while transport costs rose by 0.8% due to the rise in fuel prices as oil prices strengthened. There was a further increase in recreation costs as package holiday prices strengthened. Looking at the bigger picture, the euro managed to limit its losses with the help of the psychological barrier at the $1.10 level for the second consecutive session, despite the nonfarm-payrolls-induced turmoil seen on Friday.
 
Euro is currently being traded few points below 1.1070 level. Pair is likely to find support around 1.10 handle and resistance above 1.1130 level.
 
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