French inflation data for May was released today at 7:45 am BST and came in mixed. On one hand, headline CPI inflation remained unchanged at 2.2% YoY, while market expected acceleration to 2.4% YoY. However, HICP inflation accelerated more than expected in May, with headline HICP accelerating from 2.4% to 2.7% YoY. Economists expected an acceleration but only to 2.5% YoY.
French consumer spending data for April was released simultaneously, turned out to be a big disappointment. Spending dropped 0.8% MoM, while economists expected 0.2% MoM increase.
EUR response was muted. While EURUSD gained following the release, scale of the move was very small and didn't exceed 0.1% in the five minutes of trade. European index futures, like DE40, ticked lower, but also in this scale scale of the move was barely noticeable.
Source: xStation5
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