German Inflation Delivers EUR Support Ahead of U.S GDP and Jobless Claim Figures
It’s been a busy day on the Eurozone economic calendar. Following a relatively busy Asian economic calendar, the German economy was back in the spotlight.
From Germany, unemployment and inflation figures were key stats ahead of economic data from the U.S.
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German Unemployment
In April, unemployment increased by 9k, reversing a 6k decline from March. Economists had forecast a 10k decline.
While unemployment rose in the month, the unemployment rate held steady at 6.0%.
German Inflation
In April, consumer prices rose by 0.7% month-on-month, according to prelim figures. In March, consumer prices had risen by 0.5%.
According to Destatis,
- The annual rate of inflation ticked up from 1.7% to 2.0%.
- Prices for goods increased by 2.6% compared with the same month a year earlier.
- Energy prices were up by 7.9%, with food prices up by 1.6%.
- Prices for services were up by 1.6%.
Market Impact
Through the release of the German unemployment figures earlier in the day, the EUR fell to a post-stat low and a current day low $1.21113 before finding support.
In response to the German inflation figures, the EUR rose to a post-stat high $1.21340 before easing back.
Ahead of the stats, the EUR had struck a pre-stat and a current day high 1.21500 before hitting reverse.
At the time of writing, the EUR was up by 0.03% to $1.21300.
Next Up
1st quarter GDP and weekly jobless claim figures from the U.S…