EURUSD reaction for data can be confusing. CPI YoY slowed down from 1.9% to 1.5% (expected 1.6%) and HICP decreased from 2.0% to 1.6%. The only solution to explain bullish reaction is fact that analysts expected stronger depreciation.
Gains could also be influenced by news about German local inflation. CPI in Saxony in June was 1.7% YoY (prior 1.6%) and on monthly basis it rebounded from negative values (0.2% vs -0.1% prior).
At the moment of publication of both indicators Eurodollar gained about 20 pips, continuing appreciation in the next minutes. It helped reaching session high and stay above 1.1400
Gains could also be influenced by news about German local inflation. CPI in Saxony in June was 1.7% YoY (prior 1.6%) and on monthly basis it rebounded from negative values (0.2% vs -0.1% prior).
At the moment of publication of both indicators Eurodollar gained about 20 pips, continuing appreciation in the next minutes. It helped reaching session high and stay above 1.1400
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