BREAKING: EURUSD gains after German CPI reading

The Statistisches Bundesamt has just released preliminary inflation figures for April. The report fell short of expectations, coming in at 2.2% on an annual basis versus the expected 2.3% y/y and an earlier reading of 2.2%. 

On a monthly basis, inflation accelerated by 0.5% against an expected 0.6% m/m and an earlier reading of 0.4% m/m (the estimate was for no change m/m). 

GERMAN HICP (MOM) (APR) ACTUAL: 0.6% VS 0.6% PREVIOUS; EST 0.6%

GERMAN HICP (YOY) (APR) ACTUAL: 2.4% VS 2.3% PREVIOUS; EST 2.3%

The harmonized data, however, came in slightly above expectations

Shortly after the reading, the EURUSD pair saw a very short upward move.