Flash inflation data from the Eurozone was released at 10:00 am BST. Reading was expected to show a deceleration from 2% YoY to 1.9% YoY. Data came in-line with expectations. Core CPI inflation decelerates from 1% to 0.9% YoY, also in-line with estimates.
June flash readings from euro area member countries:
France: 1.5% YoY vs 1.4% previous
Germany: 2.3% YoY vs 2.5% previous
Spain: 2.4% YoY vs 2.4% previous
Italy: 1.4% YoY vs 1.3% previous
EURUSD took a steep dive at the beginning of the European cash session. The pair broke below 61.8% retracement of recent upward move and tested support zone at 1.18825 later on. Pair bounce following release of the CPI data but remains not far off daily lows. Near-term resistance can be found at 1.18960.
Source: xStation5
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