Inflation Day For The Germans
Skerdian Meta • 1 min read
Today is one of those dreaded days for the Germans. It´s that time of the month when the inflation numbers are released.
I know it sounds harsh so I apologize to all German readers, but the way institutions react to inflation in Germany is too much. It feels like WW3 will start tomorrow when we see some surprising inflation (CPI) numbers coming from Germany.
Anyway, today is that day and it looks pretty “horrible”. The inflation numbers from Saxony came at 0.2% as opposed to -0.1% as expected. The yearly number ticked up a point from the previous month to 1.7%.
Brandenburg numbers were pretty much the same for the month. These are not core inflation figures which paint a clearer picture since they don´t take energy prices into account, but nonetheless, they´re moving higher and that´s despite the decline in crude oil prices over the last month or so.
North Rhine Westphalia released similar numbers, as the figures jumped 3 points from last month. That´s what the Euro was missing. Now EUR/USD is trading in the next leg of the uptrend.
This uptrend in EUR/USD as well as in GBP/USD is becoming too strong. Yesterday this forex pair dived nearly 100 pips but it climbed just as quickly, reclaiming all the losses. Today, there isn´t any retrace at all on the downside.
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