Euro Eyes Resistance as German CPI Confirms Flash Estimates
- German CPI Confirms Flash Estimates at 0.9% Y/Y
- Euro Rises vs US Dollar Following the Release
- EUR/USD 1.3585 May Provide Resistance
The final revision of May’s German CPI data reported in-line. The headline year-on-year inflation rate confirmed at 0.9 percent, putting price growth at the lowest pace in over four years.
The Euro rose vs the US Dollar following the release, but faces resistance at the 1.3585 rate. DailyFX Strategist Jamie Saettele, CMT, says the Euro is bearish towards at least 1.3294. The move may have limited follow through as deflation risks have already produced an expansion of ECB stimulus at last week’s policy meeting.
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EUR/USD 5-Minute Chart. June 13, 2014. Charted created using FXCM Marketscope 2.0.
-- Written by David Maycotte, DailyFX Research Team. Questions, comments or concerns can be sent to email@example.com.
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.