EU Inflation causes Euro moves

Source: Dukascopy Bank SA


This morning, at 09:00 GMT, the higher than expected Euro Zone Consumer Price Index Estimate caused a reversal of an ongoing decline of the Euro against peer currencies. The markets took in high inflation as a reason for the European Central Bank to be more hawkish and reduce the supply of the Euro more than previously planned.

Euro are CPI came in at 9.1% instead of 9.0% and the Core CPI was revealed to be at 4.3% compared to the forecast 4.1%. In addition, note that the inflation rate was already expected to accelerate. The higher than expected numbers indicate that prices are rising even faster than then pessimistic market expectations.

Afterwards, as the news spread and a surge was ongoing, it was boosted by Goldman Sachs. Around 14:00 GMT, the bank announced and spread through news agencies information that it expects the European Central Bank to hike its base interest rates by 0.75% instead of the previously expected 0.50%.
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