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08:46 · 29 August 2024

EURUSD drops by 0.4% 📉

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The official CPI report for Germany is published today at 1:00 PM BST. However, at 9:00 AM BST, reports from German regions were released, indicating a much larger decline in year-over-year headline inflation. The average inflation from the states dropped to 1.9%, below the ECB's target of 2.0%.

01:00 PM BST, Germany - Inflation Data for August; Expectations:

  • German CPI: forecast 2.1% YoY; previous 2.3% YoY;
  • German HICP: forecast 2.3% YoY; previous 2.6% YoY;
  • German HICP: forecast 0.0% MoM; previous 0.5% MoM;
  • German CPI: forecast 0.0% MoM; previous 0.3% MoM;

Data from the regions suggest that inflation in the eurozone has returned to the 2% target. A rate cut during the meeting scheduled for September 12 is currently priced at 103% (compared to 99% before the data). Source: XTB

Since the publication of the CPI data, the EURUSD pair has already lost over 0.4%. The pair has thus broken below the support zone marked by the 50-period EMA (blue curve on the chart, H4 interval) and the 23.6% Fibonacci retracement of the upward wave that began at the start of the month. Source: xStation

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This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.

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