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Eurozone CPI: Euro Core Inflation Beats Estimates, EUR/USD Pushes Higher

Eurozone CPI: Euro Core Inflation Beats Estimates, EUR/USD Pushes Higher

Tammy Da Costa, Analyst

Eurozone CPI Talking Points:

  • Eurozone Core CPI for August beats estimates at 1.6%
  • Energy Sector shows the largest increase since July
  • EUR/USD edges above 1.180
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EUR Forecast
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Eurozone Core Inflation Rate (YoY) came in at 1.6%, beating estimates of 1.5% as inflationary pressures continue to mount.

With policy makers maintaining a dovish stance, the European Central Bank (ECB) has suggested that higher inflation is ‘transitory’ and will likely subside once global economies have returned to Pre-Covid activities.

Visit the DailyFX Educational Center to discover how CPI data affects currency pairs

As the European Central Bank (ECB) prepares for their next meeting, expected to be held on 9 September 2021, investors are pricing in an extension of Quantitative Easing despite a positive German employment report.

DailyFX Economic Calendar

While the Energy sector showed the highest annual rate increase from 14.3% in July to 15.4% in August, supply constraints in the oil and gas industry combined with the spread of the Delta variant have dampened sentiment, raising concerns that the increasing pace at which global economies are recovering from the pandemic may have additional long-term consequences if low interest rates remain for the foreseeable future.

Source: ECB Eurostats

The release of the data combined with a better than expected unemployment data from Germany, Europe’s largest economy, EUR/USD edged higher, above the key psychological level of 1.180 which continues to hold as support for the imminent move.

DailyFX Economic Calendar

EUR/USD Daily Chart

Chart prepared by Tammy Da Costa using TradingView

EUR/USD Bullish
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of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily -15% 19% -1%
Weekly -37% 99% -5%
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--- Written by Tammy Da Costa, Analyst for DailyFX.com

Contact and follow Tammy on Twitter: @Tams707

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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