BREAKING: French CPI slightly lower than expected, EURUSD flat on the news

7:46 AM 13 September 2024

France, Inflation Data for August: 

French HICP YoY 2.2% Final: vs 2.2% (forecast) vs 2.2% (previous) 

French CPI YoY NSA 1.8%: vs 1.9% (forecast)  vs 1.9% (previous)

French CPI MoM NSA: 0.5% vs 0.6% (forecast)  vs 0.6% (previous)

 

French CPI rises lower than expected, confirming yesterday’s ECB decision to lower rates. The CPI excluding the tobacco index came in slightly below expectations at 120.01 vs. 120.07. The market reaction is muted as participants await upcoming U.S. data. The University of Michigan report might serve as the last clear signal regarding the extent of FOMC rate cuts. EUR/USD is trading near resistance at the 61.8% Fibonacci retracement level. A breach of this level could lead to a retest of 1.11 or higher for the pair. The RSI is in neutral territory, showing a monthly bearish divergence with lower highs and lower lows. The MACD also confirms a bearish outlook for the pair.


Share:
Back

Join over 1 600 000 XTB Group Clients from around the world

The financial instruments we offer, especially CFDs, can be highly risky. Fractional Shares (FS) is an acquired from XTB fiduciary right to fractional parts of stocks and ETFs. FS are not a separate financial instrument. The limited corporate rights are associated with FS.
This page was not created for investors residing in Brazil. This brokerage is not authorized by the Comissão de Valores Mobiliários (CVM) or the Brazilian Central Bank (BCB). The content of this page should not be characterized as an investment offer in Brazil or for investors residing in that country.
Losses can exceed deposits